U.S. livestock futures were mixed Friday, as live cattle ended mostly lower on a lack of demand and a continued exit of investors from the market.
Lean hog futures finished higher on expectations of tightening supplied. Livestock traders also were awaiting monthly supply data from U.S. Department of Agriculture due out after the market close.
Hog futures end higher on spillover strength from the cash market and expectations for tightening supplies of market-ready hogs.
Live hogs for June settled 0.65 cents, or 0.7%, higher at 91.97 cents per pound on the Chicago Mercantile Exchange. The July contract ended up 0.7 cents, or 0.8%, at 92.32 cents per pound.
The USDA cold storage report is also scheduled for release at 3 p.m. EDT (1900 GMT).
The average estimate of three analysts surveyed by Dow Jones Newswires pegs frozen pork supplies as of April 30 at 586.2 million pounds, up 1.6% from a month ago. Analysts' estimates ranged from 580 million to 594.4 million pounds.
If the average estimate is correct, cold storage supplies will stand 21% above year-ago levels and about 4% above the five-year average.
Cash hog bids were seen Friday steady to slightly lower after USDA reported national prices hit record levels on Thursday. The agency reported the weighted-average, national direct hog price at $94.94 per hundred pounds, with a range of $87 to $99.99 per hundred pounds. Thursday's quoted price eclipsed the all-time high of $92.71 per hundred pounds set in April, the agency said.
The USDA reported wholesale pork prices Thursday down 98 cents to $96.61 per hundred pounds.
The latest Dow Jones Newswires pork packer margin index was minus $4.66 a head, compared with plus $6.24 a head the previous day.