Chicago | Reuters — Chicago Mercantile Exchange live cattle futures fell on Monday, pressured by ample supplies and concerns about feed costs due to high corn prices, traders said.
Hog futures were also weak.
U.S. beef processors on Monday slaughtered an estimated 125,000 cattle, up from 117,000 a year ago, the U.S. Department of Agriculture said.
A fifth-generation cattle rancher and consultant plans to build the country’s largest beef plant in South Dakota with capacity to slaughter 8,000 head of cattle a day.
CME June live cattle fell 0.775 cent to settle at 132.825 cents (all figures US$).
The most-active August live cattle closed 0.95 cent lower at 132.9 cents, finding support at its 10-day moving average.
CME August feeder cattle fell 1.9 cents, to 171.975 cents/lb.
In the pork market, most-active July lean hog futures fell 1.775 cents to close at 108.975 cents/lb. The contract faced resistance at its 10-day moving average.
Carcass values in the U.S. pork cutout fell by 59 cents, to $108.79 per hundredweight, while belly values gained $1.79, to $162.32/cwt, USDA said.
