Chicago | Reuters — Chicago Mercantile Exchange cattle futures weakened on a technical setback on Wednesday, closing in negative territory after rising to fresh contract highs during the session.
Hog futures were also weaker.
Benchmark CME August live cattle futures settled down 2.3 cents at 173.2 cents/lb. after posting a fresh contract high of 175.95 cents (all figures US$). August feeder cattle finished down 4.15 cents at 239.1 cents/lb., turning lower after hitting resistance at the high end of its 20-day Bollinger range.
Before Wednesday’s losses, live cattle contracts had risen for nine straight sessions and feeder cattle contracts for six.
CME July lean hog futures dropped 1.4 cents to 86.925 cents/lb., peaking at 88.525 cents, its highest since May 17.
In the wholesale beef market, the U.S. Department of Agriculture (USDA) priced choice cuts on Wednesday afternoon at $325.19/cwt, up $3.79 from a day earlier. Prices for select cuts gained $2.12, to $301.56/cwt.
Wholesale pork prices gained 17 cents to $85.15/cwt, according to USDA data.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.
