Chicago | Reuters — Chicago Mercantile Exchange live cattle futures dropped on Thursday on profit-taking and fund liquidation ahead of the U.S. Agriculture Department’s monthly Cattle on Feed report.
Feeder cattle followed live cattle futures lower. Hog futures were mixed on bull spreading, with the front month contract rising in thin trading while deferreds weakened.
Packer bids were at $120-$121/cwt against $124-$125 asking prices (all figures US$).
April live cattle closed 1.175 cents/lb. lower, at 117.8 cents. June ended down 2.275 cents, at 103 cents.
April CME feeder cattle dropped 1.525 cents/lb., to 137.225 cents.
May hogs closed up 0.3 cent/lb. at 70.15 cents, with only 318 contracts traded. Most actively traded June dropped 0.45 cent higher to 78.075 cents.
— Reporting for Reuters by Mark Weinraub.