Chicago | Reuters — CME Group cattle futures fell on Wednesday on concerns about rising feed costs as soybean, wheat and corn futures soared, traders said.
Fund selling also weighed on the cattle market.
The most-active June live cattle futures contract has closed lower for five days in a row after setting a fresh high during the session on Thursday last week.
Hog futures firmed on technical selling and good export prospects.
The benchmark June lean hogs contract rose 1.5 cents to 107.675 cents/lb. (all figures US$). The contract rose above its 10-day moving average.
The U.S. Department of Agriculture reported the pork carcass cutout value on Tuesday afternoon at $110.09, down $2.40 from Tuesday.
CME June live cattle dropped 0.725 cent to 120.2 cents/lb., falling below its 40-day and 50-day moving averages and touching its lowest in three weeks during the session.
May feeder cattle futures fell 1.625 cents to 145.7 cents/lb., hitting their lowest since March 23. The contract found technical support at its 100-day moving average.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.