Chicago | Reuters — Chicago Mercantile Exchange live cattle futures were mostly weaker on Monday, with traders locking in profits after prices rose on Friday.
Lingering concerns over a snowstorm that covered northern areas of the Midwest and Plains provided support to some nearby contracts, a trader said.
But overall, supplies were expected to remain plentiful, keeping a bearish tone hanging over the market.
April live cattle closed 0.6 cent/lb. higher at 117.15 cents (all figures US$). June ended up 0.525 cent to 104.175 cents. Other deferred live cattle contracts were weaker.
CME feeder cattle were steady to weak. April dropped 0.15 cent/lb. to 139.225 cents.
Hog futures contracts weakened; May hogs closed down 1.525 cent/lb. at 68.175 cents. Most actively traded June ended 0.85 cent lower at 76.8 cents.
— Reporting for Reuters by Mark Weinraub.