Chicago | Reuters — CME lean hog futures fell on Wednesday, hit by profit-taking after rallying in the previous session, traders said.
Live cattle futures were firm but gains were kept in check as the market consolidated near the 4-1/2-year highs hit earlier in the week.
CME December lean hogs fell 1.55 cents to 76.175 cents/lb. and February hogs ended down 0.225 cent at 83.15 cents.
CME’s most-active February live cattle contract gained 0.3 cent, to 136.4 cents/lb. The spot December contract rose 0.5 cent to close at 132.225 cents/lb.
February cattle hit resistance at their 10-day moving average.
Wholesale boxed beef prices were weaker, with choice cuts dropping $3.52, to $278.61/cwt, and select cuts sagging $1.04, to $265.55/cwt, on Tuesday morning.
CME January feeder cattle futures fell 0.35 cent to end at 158.925 cents/lb.
— Reporting for Reuters by Mark Weinraub.
