Chicago Mercantile Exchange (CME) cattle futures turned lower on Thursday amid a day of sideways and choppy trading, as wholesale beef prices dropped and cash cattle markets saw limited activity.
Chicago wheat futures rose on Thursday as Russia declared a state of emergency in key grain-growing regions due to frosts, while soybeans and corn fell ahead of a monthly U.S. Department of Agriculture supply-and-demand report due on Friday.
Chicago Board of Trade wheat futures fell on Wednesday despite weather risks in top exporter Russia, highlighting the size of its supply as the country continues to dominate global export markets.
Chicago Mercantile Exchange live cattle futures firmed on Tuesday on technical buying, while lean hog contracts ended higher in a technical and short-covering rebound following four days of declines.
Chicago wheat fell on Tuesday from peaks not seen since December, while corn eased from four-month highs as investors gauged the impact of harsh weather in some major production zones.
For the week ending May 4, Western Canadian feeder cattle prices were quite variable and the market was hard to define. Alberta and certain regions of Saskatchewan received snow, which caused the market to trade $3 to $5 lower. However, in Eastern Saskatchewan and Manitoba, feeder cattle prices were steady to $3 higher.
Chicago Mercantile Exchange cattle futures rallied on Thursday after the U.S. government said retail samples of ground beef tested negative for the bird flu virus.
Chicago Mercantile Exchange cattle futures took a dive on Wednesday on concerns that U.S. government tests of ground beef for the bird flu virus will harm consumer demand.
Chicago Board of Trade (CBOT) benchmark wheat futures fell on Wednesday after ticking up in the early session as much-needed rainfall reaches key wheat-growing areas of the U.S. Plains and southern Russia.