July 18, 2018 / 7:44 PM / a month ago

LIVESTOCK-CME cattle futures rise but hog futures weaken

    By Mark Weinraub
    CHICAGO, July 18 (Reuters) - U.S. lean hog futures        
fell on Wednesday for the third day in a row, hitting new
contract lows on worries that mounting trade tensions with key
overseas buyers will cause supplies to rise, traders said.
    "Tariff concerns remain and there are fears that we are
going to back pork up into the domestic market," said Don Roose,
president of Iowa-based brokerage U.S. Commodities.
    Live cattle futures closed firmed on a round of
short-covering. The front-month contract hit its highest since
June 29.
    Traders said that expectations for higher cash prices fueled
the bounce in cattle futures as packers were expected to
increase their buying to make up for shortfalls in cash deals
last week.
    Most active CME October hogs        settled down 0.275 cent
at 51.925 cents per pound while August hogs        fell 0.700
cent to 67.200 cents, closing just above its contract low of
67.100 cents.
    CME August live cattle        closed Wednesday up 2.525
cents at 108.950 cents per pound. CME October live cattle       
rose 2.150 cents to 110.650 cents. 
    CME August feeder cattle futures        settled up 3.275
cents at 154.550 cents per pound and September feeders       
rose 3.150 cents ti 154.850 cents.  
    Livestock traders are awaiting direction from two big U.S.
Department of Agriculture reports due Friday, including the
government's monthly Cattle on Feed report and its semiannual
cattle inventory report.             

 (Reporting by Mark Weinraub; editing by Jonathan Oatis)
  
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