Chicago | Reuters — Chicago Mercantile Exchange live cattle futures fell on Tuesday, with mild profit-taking noted after rallying in three of the previous four sessions.
Hog futures were firmer, extending their rebound from the five-week low hit last week.
Most actively traded February lean hogs rose 0.7 cent to 81.6 cents/lb. (all figures US$).
CME February live cattle futures settled down 0.3 cent at 137.675 cents/lb. March feeder cattle futures dropped 0.95 cent to end at 165.425 cents/lb.
Meat processors slaughtered an estimated 468,000 hogs on Tuesday, up from 438,000 on Friday, the U.S. Department of Agriculture said. The cattle slaughter was up 4,000, to 117,000.
Profit margins for beef processors rose to $411 per head of cattle on Tuesday from $382.75 on Monday and $303.90 a week ago, said HedgersEdge.com. Pork processors’ margins rose by $10.20 to $45.75 per head.
— Reporting for Reuters by Mark Weinraub in Chicago.
