Hog futures hit seven-month low amid ample supplies - CME

Chicago Mercantile Exchange (CME) live cattle and feeder cattle futures slumped on Tuesday as traders waited for US inventory data and assessed prospects for beef imports, Reuters reported, citing analysts.

Lean hog futures hit their lowest level in about seven months.

Traders were waiting for the US Department of Agriculture to issue a monthly Cattle on Feed report on Friday, after the agency did not release the report in October due to the federal government's shutdown.

Analysts estimated the inventory of cattle on feed in US feedlots on November 1 was down 2.2% from a year earlier, according to a Reuters poll.

US cattle supplies have dwindled to their lowest level in decades after a years-long drought burned up pasture lands and hiked feeding costs.

CME February live cattle futures ended 0.925 cents lower at 220.85 cents per pound. Earlier in the session, the contract reached its highest price since November 13.

CME January feeder cattle slipped 0.225 cent to close at 326.050 cents per pound. The contract earlier reached its highest level since November 12.

Traders continued to digest US President Donald Trump's moves to reduce tariffs on food imports, which could bring more beef into the country.

Feeling the heat from Americans worried about inflation, Trump told owners, operators and suppliers of hamburger chain McDonald's on Monday that his administration was making progress in combating inflation, but more work needed to be done.