CME hog futures hit contract highs as strong demand fuels rally
By Heather Schlitz
CHICAGO, Nov 1 (Reuters) -Chicago Mercantile Exchange lean hog futures set new contract highson Friday as strong domestic and exportdemand, particularly for U.S. pork bellies and ham, drove the market upward, analysts said.
Live cattle futures touched a one-month low, while feeder cattle recovered after reaching the lowest price in more than five weeks.
An uptick in pork belly prices and retailer buying of ham ahead of the Thanksgiving and Christmas holidays added steam to a rally in hog futures, said Altin Kalo, economist at Steiner Group. Beef demand has also remained strong, particularly for pricier cuts of meat ahead of the holiday season, he said.
An unexpectedly low number of slaughter-ready U.S. hogs and strong demand have propelled hog futures higher for months, after lower pork belly prices are thought to have enticed buying, analysts said.
Wholesale values for the pork carcass cutout, hams and bellies ticked up, U.S. Department of Agriculture data showed on Friday afternoon.
CME December lean hog futures LHZ24 settled up 0.275 cents at 84.075 cents per pound.
December live cattle LCZ24 ended down 0.375 cents at 185.925 cents per pound and hit the lowest price since Oct. 1.November feeder cattle futures FCX24 settled up 1.5 cents at 246.875 cents per pound after falling earlier to the weakest price since Sept. 26.
"The cattle market has found some stability but it's drifting lower as the wholesale index goes lower," Kalo said.
The choice boxed beef cutout fell $1.26 to $316.34 per hundredweight, the USDA reported Friday afternoon. Select boxed beef prices dropped $0.34 to $285.03 per cwt.
Reporting by Heather Schlitz; Editing by Mohammed Safi Shamsi
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