Cattle Decline as U.S. Beef Demand May Slow; Hog Futures Advance
Cattle futures fell the most in two weeks on speculation that the highest beef prices since early July will trim demand. Hogs climbed.
Wholesale beef rallied today to $1.9092 a pound, up 7.2 percent over nine sessions and the highest since July 6, U.S. Department of Agriculture data show. Rising costs may hurt demand, said Dennis Smith, an analyst at Archer Financial Services in Chicago.
“It’s just going to be the old broken record of seeing some consumer resistance at high beef prices,” Smith said by telephone.
Cattle futures for October delivery fell 0.9 percent to settle at $1.2555 a pound at 1 p.m. on the Chicago Mercantile Exchange, the biggest loss since July 31. Feeder-cattle futures for October settlement slid 1 percent to $1.44125 a pound on the CME.
Hog futures for October settlement rose less than 0.1 percent to 75.625 cents a pound in Chicago.
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