Commodities
Home›Commodities›Energy›Feeder cattle futures fall on hot weather and higher g…
Feeder cattle futures fall on hot weather and higher grain prices
CME August feeder cattle futures ended down 2.45 cents to 349.55 cents per pound, as analysts pointed to weaker cash cattle trade and rising feed costs.
Feeder cattle futures slid on the Chicago Mercantile Exchange on Tuesday, as hot weather reduced demand for putting cattle on feed lots and grain prices rose, according to Reuters.
CME August feeder cattle futures fell 2.45 cents to finish at 349.55 cents per pound. Consus Ag Consulting President Karl Setzer said buyers were less willing to place cattle on feed in extremely hot conditions, while Monday grain gains added pressure.
On related grain markets, CBOT soybeans declined 3-1/2 cents to $12.22-3/4 a bushel after surging to multi-month highs in the prior session, while corn futures rose 2-1/4 cents to $4.75-1/4 a bushel.
Live cattle futures were mixed, with CME August live cattle futures settling 0.20 cent higher, while October live cattle ended down 0.075 cent at 223.225 cents per pound. Boxed beef prices dipped, with USDA data showing choice cuts down $3.19 to $366.91 per cwt, and packers’ losses narrowing to $217.65 per head, from $275.20 the prior day, according to HedgersEdge.com.
Latest closeCorn $463.50 ▲3.6%|Soybeans $1,193.75 ▼0.7%