Chicago | Reuters — CME Group cattle futures dipped on Wednesday, pressured by weakness in the cash markets, traders said.
Hog futures were mixed, with prices closing well off their session highs after contracts hit technical resistance.
The nearby June hogs contract rose 0.025 cent to 109.05 cents/lb., while most-active July futures fell 1.1 cents, to 107.95 cents/lb. (all figures US$).
Both contracts faced resistance at their 100-day moving averages.
CME June live cattle futures dipped 0.425 cent, to 132.3 cents/lb., while the most-active August live cattle eased 0.225 cents, to 132.525 cents/lb.
CME August feeder cattle fell 0.2 cent, to 167.95 cents/lb.
Prices for choice cuts of boxed beef were reported at $262.93/cwt on Wednesday afternoon, down 72 cents from a day earlier, while select cuts fell to $244.06, from $245.35/cwt, according to U.S. Agriculture Department data.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.
