Cattle futures hold within recent trading range but end lower on technical selling
DBA•CME cattle futures ended lower on Monday for a second straight session but stayed within a recent range. December live cattle fell 1.500 cents to 219.975 cents per pound, while the choice beef cutout rose $4.07 to $378.26 per hundredweight.
1. Cattle futures decline
CME cattle futures ended lower on Monday as technical selling weighed on the market for a second straight session. December live cattle fell 1.500 cents to 219.975 cents per pound, and November feeder cattle dropped 1.025 cents to 330.125 cents per pound.
2. Demand and supplies
The market remained within a recent range as investors weighed consumer beef demand against high prices tied to tight cattle supplies. The USDA quoted the choice boxed beef cutout up $4.07 at $378.26 per hundredweight and the select cutout up $4.08 at $358.57.
3. Hogs rise
CME lean hog futures ended higher in a short-covering and technical-buying bounce after reaching contract lows last week. December lean hogs rose 0.825 cent to 70.950 cents per pound.
