Wednesday, October 20

Profit-taking hits CME feeder cattle after one-month high


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CHICAGO — Chicago Mercantile Exchange feeder cattle futures ended lower on Friday as profit-taking pressured the market after prices set a one-month high, traders said.

The setback came after the most-active November contract had rallied more than 6% from a four-month low set on Sept. 30.

The contract ended down 0.450 cent at 161.150 cents per pound after rising earlier in the session to 162.125 cents, its highest price since Sept. 9.

In CME’s live cattle market, front-month October futures reached its highest price since Sept. 7 at 125.650 cents per pound and ended up 0.300 cent at 125.575 cents per pound. The most-active December live cattle contract also hit its highest price since Sept . 7, before ending up 0.150 cent higher at 130.250 cents per pound.

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Choice cuts of boxed beef fell by $2.03 to $283.27 per cwt, while select cuts dropped by $1.70 to $262.74 per cwt, according to the US Department of Agriculture.

In the pork market, US wholesale cutout values ​​reported by the USDA were also lower. The carcass value dropped by $5.27 to $106.99 per hundredweight (cwt) and ham values ​​sank by $8.53 to $75.08 per cwt.

CME lean hog futures, meanwhile, were consolidating, traders said.

October lean hogs settled up 0.400 cent at 90.250 cents per pound. Most-active December lean hogs slipped 0.525 cent to close at 81.500 cents. (Reporting by Tom Polansek; Editing by Cynthia Osterman)



financialpost.com

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