Chicago Mercantile Exchange (CME) cattle futures turned lower for a second trading session on Thursday, even as the tight U.S. cattle supply and strength in the beef cutout values offered support, analysts said.
Chicago wheat futures edged down on Wednesday as investors took profits after the recent rally and questions remained about whether forecasts for rain in Russia would stem a decline in harvest prospects in the world's biggest exporter.
Chicago Mercantile Exchange (CME) cattle futures turned lower on Wednesday amid news that China has blocked U.S. beef exports coming from a JBS-owned plant in Colorado because traces of the feed additive ractopamine were identified in beef destined for China.
Chicago Mercantile Exchange (CME) cattle futures turned higher on Tuesday on technical trading and market anticipation that packers increase buying on a shortened holiday week, analysts said.
Chicago Mercantile Exchange live cattle futures ended mixed on Friday, amid growing uncertainty over packer interest after the U.S. Memorial Day holiday weekend, traders said.
Chicago Board of Trade wheat futures closed nearly flat on Friday but rose seven per cent for the week as concerns grew over crop losses in Russia and other exporting countries.
Chicago Board of Trade wheat futures extended gains on Thursday after reaching a 10-month peak a day earlier, as lingering dryness and worries over the Black Sea crop continued to underpin the market.
Chicago Mercantile Exchange lean hog futures slumped to a February low on Thursday under pressure from solid U.S. production and weaker cash prices, traders said.
Chicago Mercantile Exchange live and feeder cattle futures rallied on Wednesday amid expectations of strength in the cash markets, while lean hog futures faced continued pressure from data showing that U.S. packers are processing a glut of pork, analysts said.