CHICAGO- Chicago Mercantile Exchange lean hog futures fell for the fourth straight session with the most-active June contract hitting a new low, with traders focused on cash market weakness and light demand for pork.
In CME cattle futures, feeder cattle contracts rebounded from six straight losing sessions on some bargain buying. Feeder cattle had hit their highest in nearly eight years before the losing streak as traders bid up prices due to declining corn costs that made it cheaper to feed animals.
Most actively traded June lean hog futures settled down 0.475 cent at 83.3 cents per pound after reaching a contract low of 83.025 cents per pound during the session.
Technical support was noted around the low end of the contract’s 20-day Bollinger range.
August feeder cattle rose 1.675 cents to close at 223.1 cents per pound. The contract rose above its 40-day moving average during the session. – Reuters
