U.S. lean hog futures ended mostly higher amid widespread gains in equities and other commodities.
August CME lean hogs closed flat at 92.35 cents per pound, while October lean hogs rose 0.225 cents to 86.80 cents.
After tumbling Monday on widespread pressure from other markets and larger-than-expected cold storage supplies, a rebound in outside markets gave hogs a lift Tuesday. Excess supplies could continue to weigh on prices longer term, analysts say.
Cash hog bids were reported steady to $1 a hundred pounds lower on limited buying interest. Many of the pork processors are nearly full for this week. Since pork processors will be closed Monday for the holiday, they will need fewer hogs for next week, which could weigh on cash prices near term, said some livestock dealer and analysts. Others said hog weights are declining, an indicator that producers are current, or up to date, on shipments, which could limit the number of hogs to be offered for sale.
The latest Dow Jones Newswires pork packer margin index was plus $0.42 per head, compared with minus $6.00 the previous day.
The USDA's pork carcass composite value, a measure of wholesale prices, on Monday was up $1.68 a hundred pounds to $100.74 a hundred pounds, an all-time high.
The terminal markets traded mostly steady to $1 a hundred pounds lower with top prices from $66 to $69 a hundred pounds on a live basis.