US hogs hit new lows – CME

Chicago Mercantile Exchange (CME) live cattle futures firmed on Wednesday on expectations for higher US cash prices this week, as lean hog futures set contract lows, Reuters reported, citing analysts. Cash cattle were bid at about $168 per cwt in the southern Plains, roughly $1 higher than the bulk of trading last week, said Dennis Smith, commodity broker for Archer Financial Services. Meatpackers will need to pay more to strike deals, he said. “If they want the cattle, they’re going to have to bid higher than $168,” Smith said, adding that prices may rise to $170 per cwt.