CHICAGO, June 28 (Reuters) - Chicago Mercantile Exchange hog futures rose 3% on Monday, supported by rising demand as China moved to buy pork for its reserves to shore up the domestic market, traders said.
China's state planner said on Monday that central and local governments will start buying pork for state reserves to support prices, even after prices rebounded sharply from a two-year low last week.
CME August hog futures, the most actively traded contract, ended up 3 cents at 102.775 cents.
The wholesale U.S. pork carcass cutout price rose $5.09 to $115.13, according to U.S. Department of Agriculture data. <PRK-MAN-CARCS>
Profit margins at pork processors weakened. Packers were facing a loss of $33.55 per head, compared with a loss of $25.19 on Friday, according to Denver-based livestock marketing advisory service HedgersEdge.com LLC.
August live cattle futures settled 1.2 cent lower at 121.6 cents per pound. CME August feeder cattle ended down 3.2 cents at 156.35 cents per pound.
The USDA quoted the choice boxed beef cutout value at $297.43 per cwt, down $7.13 from Thursday, and the select cutout dropped $2.22 at $273.96 per cwt. <BEEF-US-CH> <BEEF-US-SE> (Reporting by Mark Weinraub; Editing by Dan Grebler)
© Copyright Thomson Reuters 2021. Click For Restrictions - http://about.reuters.com/fulllegal.asp
The Link LonkJune 29, 2021 at 03:22AM
https://ift.tt/3y1OAQB
LIVESTOCK-Hog futures rally as China buys pork - Successful Farming
https://ift.tt/2RsHZwT
Pork
No comments:
Post a Comment