Chicago Mercantile Exchange (CME) April and May feeder cattle futures hit fresh contract highs on Tuesday on tight supplies, as analysts said they expected cattle placements to continue to trend down, Reuters reported, citing traders.
Meanwhile, CME May lean hogs hit a contract low of 78.500 cents per pound, before closing down 2.175 cents at 78.825 cents per pound.
Hog futures slipped on weak technicals, traders said, as the cash market continues to remain weak and premiums in the futures markets stay hefty.
"We're seeing that cash market moving lower and lower," said Don Roose, president of Iowa-based US Commodities. "When you add the weakness on the export market, hogs are in a tough spot."
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