Chicago | Reuters — Chicago Mercantile Exchange live cattle futures fell after hitting their highest in seven years on Monday.
Feeder cattle futures continued to weaken, with the front-month contract dropping to a five-week low, as the prospect of high feeding costs due to strong corn prices pressured the market.
Hog futures firmed on technical buying.
CME October lean hogs closed 3.875 cents higher at 95.75 cents/lb., while December hogs gained 2.925 cent to end at 85.7 cents/lb. (all figures US$).
The contract turned higher after finding support at its 200-day moving average. It broke through its 20-day, 30-day, 40-day, 50-day and 100-day moving averages during the session.
Read Also
Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
October live cattle dropped 0.95 cent to 144.8 cents/lb., and December dropped 0.9 cent to close at 150.45 cents/lb.
The front-month contract peaked at 146.1 cents on Monday, its highest on a continuous basis since Aug. 31, 2015.
October feeders gave up 2.6 cents to close at 180.525 cents/lb.
Meat processors slaughtered about 476,000 hogs on Tuesday, down from 481,000 hogs a year earlier, according to daily U.S. government data.
Cattle slaughter was reported at 128,000 head, up from 120,000 in the comparable period in 2021.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.
