Chicago Mercantile Exchange live and feeder cattle futures fell for a second consecutive day on Thursday, pressured by technical selling and profit taking following recent highs, and as wholesale beef prices fell, analysts said.
Chicago Mercantile Exchange live and feeder cattle futures dropped on Wednesday in a technical and profit-taking retreat following recent strong gains and as beef packer margins fell deeper in the red, analysts said.
Supply concerns and follow-through buying pushed Chicago Mercantile Exchange feeder cattle futures to their highest level since July on Friday after Washington said it may continue blocking imports of Mexican cattle until next year.
Chicago Mercantile Exchange live and feeder cattle futures rose on Wednesday as a strong cash market and a screwworm outbreak in Mexican cattle added support to futures, analysts said.
Chicago Mercantile Exchange live and feeder cattle futures were steady to higher on Tuesday owing to strong beef demand and the detection of screwworm in a cow in southern Mexico, which has temporarily shut down exports of Mexican cattle to the U.S.
Chicago Mercantile Exchange feeder cattle futures shot to their highest point since July on Monday as a screwworm outbreak in Mexican cattle shut down feeder cattle exports from Mexico to the U.S. and propelled futures higher, analysts said.
Chicago Mercantile Exchange live cattle futures fell for a second day on Thursday after reaching three-week highs earlier in the week, as traders awaited the results of the U.S. Department of Agriculture's next Cattle on Feed report, due on Friday.
Chicago Mercantile Exchange lean hog futures dipped Friday on technical selling and a lower pork cutout, while feeder cattle turned higher on strength in the cash market, traders said.
Chicago Mercantile Exchange lean hog futures fell on Thursday on profit-taking following recent gains, according to analysts, while declining wholesale meat prices pressured both cattle and hogs.
Chicago Mercantile Exchange lean hog futures lost ground on Wednesday on weakness in the pork cutout, according to analysts, while cattle futures also retreated on falling wholesale prices.