Position squaning ahead of the US department of Agriculture’s monthly cattle on feed report, released after the close, also contributed weakness.
The market has been underpinned by rallying beef prices before choice beef slipped on Friday.
Demand for beef is expected to wane following a series of holidays when beef consumption typical rises, include Father’s Day and the Upcoming Us Independence Day Holiday.
Benchmark cme August live cattle settled 1.850 cents lower at 209.825 cents per pound, the lowest close since June 3.
“You did see the big run-up in choice box beef slow down a little bit today. Broker with futuresone.
The Choice Boxed Beef Cutout Value Fell $ 3.29 per cwt on Friday to $ 390.50 after Gaining $ 28.71 Since June 6, According to Usda data. The select cutout was up $ 2.36 at $ 376.95 per cwt on Friday.
After the close, the usda reported that the us supply of cattle on feed as of June 1 was down Larger-That-Expected Drop.
CME Feeder Cattle Followed Live Cattle Lower, Surrendering Early Gains that was tied to the Ongoing Suspension of Imports from Mexico Over Concerns about new world screen of the border.
The usda on Wednsday Announced New Plans to Combat the Pest as Screwwst Flies Have Been Moving Northward in Mexico.
August Feeder Cattle Ended Down 1.725 cents at 302.450 cents per pound.
CME Lean Hog Futures Ended Higher, With Activly-Trained August Up 0.450 Cent AT 112.450 cents.
(Reporting by karl plume; editing by alan barona)
Discover more from Gautam Kalal
Subscribe to get the latest posts sent to your email.
Be First to Comment