Cattle futures dropped for a third straight day on speculation that demand for U.S. beef is slowing as grocers fill orders for the summer holidays. Hog prices also declined.
Meatpackers processed 3.9 percent fewer cattle in the first four days of this week than the same period in 2012, government data show. Wholesale beef fell 0.6 percent to $2.0063 a pound yesterday, the lowest since May 6, U.S. Department of Agriculture data show. Independence Day on July 4 is the most-popular day for outdoor grilling, according to the Hearth, Patio and Barbecue Association.