Friday’s closes brought a new three-month high to February hogs and new contract highs to the April and June contracts. Live cattle and feeders closed lower Friday; feeders were lower on the week.
Lower U.S. hog inventories in 2021 plus Friday’s report of 38,700 metric tons (mt) of pork export sales for last week were enough to send hog futures to new high ground Friday, even to new contract highs for April and June contracts.
Meanwhile, live cattle futures did well to finish the day with modest losses, staying mostly neutral in a week that had a lot of bearish headwinds for cattle. March feeder cattle did not hold up as well, closing down $1.65 Friday and ending down $3.07 on the week.