Cattle futures fell to the lowest in almost two weeks on signs of easing demand for U.S. beef amid increasing supplies. Hog prices rose.
Wholesale beef fell 0.7 percent to $2.0026 a pound yesterday, the first drop since April 19, U.S. Department of Agriculture data show. U.S. warehouses held a record 513.243 million pounds (232,803 metric tons) of the meat as of March 31, the latest government data show.
“The demand’s been holding about steady,” Mark Schultz, the chief analyst at Northstar Commodity Investment Co. in Minneapolis, said in a telephone interview. “That’s still been pretty poor. We’re still building a record amount of beef in the coolers at this time of year.”
Cattle futures for June delivery fell less than 0.1 percent to $1.2125 a pound at 11:23 a.m. on the Chicago Mercantile Exchange. Earlier, the price touched $1.20875, the lowest for the most-active contract since April 24.
Feeder-cattle futures for August settlement dropped 0.5 percent to $1.46675 a pound.
Hog futures for June settlement gained 0.4 percent to 91.675 cents a pound. Through yesterday, the price climbed 6.5 percent this year.
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