Chicago | Reuters — Chicago Mercantile Exchange cattle futures fell on Tuesday, pressured by technical selling and demand concerns, traders said.
Hog futures notched their third straight losing session as the government’s bigger-than-expected supply report from last week continued to weigh on the market.
The benchmark CME December lean hogs futures contract sank 0.425 cent to finish at 69.075 cents/lb., after bottoming out at 68.425 cents.
In CME’s cattle markets, most-active November feeders dropped 5.35 cents to 250.35 cents/lb. December live cattle dropped 2.7 cents to 185.65 cents/lb.
December live cattle futures dropped below their 20-day, 40-day and 50-day moving averages. November feeder cattle dropped below the low end of its 20-day Bollinger range and its 100-day moving average.
— Reporting for Reuters by Mark Weinraub in Chicago.
