Chicago Mercantile Exchange (CME) hog futures dropped to a five-month low on Thursday. Traders said big supplies dashed any hope from the news that China made its biggest purchase of U.S. pork in seven weeks.
China bought 10,211 metric tons of U.S. pork between August 2-8 for shipment in 2019 as the highly contagious African swine fever (ASF) virus ravages the Chinese hog herd, Reuters reports.
The size of the purchase was routine, traders said. Big buying will be critical to overcome big supplies.
CME August October live cattle ended 0.025 cents higher at 98.525 cents. December and February cattle contracts were slightly lower but other deferred contracts settled in positive territory.
CME September feeder cattle futures were 0.475 cents higher at 133.3 cents per pound.
CME October hogs closed the day down 1.775 cents at 65 cents per pound.
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