Hog futures fall on a seasonal lull – CME

Chicago Mercantile Exchange (CME) live cattle and feeder cattle futures fell on Thursday on renewed worries over inflation-hit consumers’ ability to purchase pricy cuts of meat, Reuters reported, citing traders. Hog futures also fell on a seasonal lull in prices and a strong supply of heavy hogs. Beef and pork demand has eased as the U.S. nears the end of the outdoor grilling season. Tyson Foods’ CFO Curt Calaway noted during an investor webcast that consumers are gravitating toward chicken and ground beef instead of higher priced steaks. Calaway said US cow producers have stopped slashing their herds after tight supplies pushed up beef prices. Producers have not started rebuilding the herd in a meaningful way, though, he said. “It’s a question of demand going forward because the consumer is hurting,” independent livestock trader Dan Norcini said. Investors assessed a mixed set of reports, including a decline in weekly jobless claims and an ADP survey which showed employers hired