Chicago | Reuters — 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 six per cent from a four-month low set on Sept. 30.
The contract ended down 0.45 cent at 161.15 cents/lb. after rising earlier in the session to 162.125 cents, its highest price since Sept. 9 (all figures US$).
In CME’s live cattle market, front-month October futures reached its highest price since Sept. 7 at 125.65 cents/lb. and ended up 0.3 cent at 125.575 cents/lb. The most-active December live cattle contract also hit its highest price since Sept. 7, before ending up 0.15 cent higher at 130.25 cents/lb.
Choice cuts of boxed beef fell by $2.03, to $283.27/cwt, while select cuts dropped by $1.70, to $262.74/cwt, according to the U.S. Department of Agriculture.
In the pork market, U.S. wholesale cutout values reported by USDA were also lower. The carcass value dropped by $5.27, to $106.99/cwt, and ham values sank by $8.53, to $75.08/cwt.
CME lean hog futures, meanwhile, were consolidating, traders said.
October lean hogs settled up 0.4 cent at 90.25 cents/lb. Most-active December lean hogs slipped 0.525 cent to close at 81.5 cents.
— Tom Polansek reports on agriculture and ag commodities for Reuters from Chicago.