Cattle Drop on Signs of ‘Slack’ U.S. Beef Demand; Hogs SteadyElizabeth Campbell
Cattle futures dropped for the sixth time in seven sessions on signs of slowing demand for U.S. beef. Hog prices were little changed.
Wholesale beef fell 0.3 percent to $1.9382 a pound, the fourth straight decline and the lowest since Aug. 15, U.S. Department of Agriculture data show. Meatpackers processed 242,000 cattle in the first two days of this week, down 5.5 percent from a year earlier, government data show.
“From a demand standpoint, it’s kind of slack right now,” Dick Quiter, an account executive at McFarland Commodities LLC in Chicago, said in a telephone interview.
Cattle futures for October delivery slid 0.3 percent to close at $1.25025 a pound at 1 p.m. on the Chicago Mercantile Exchange. Feeder-cattle futures for October settlement slipped 0.2 percent to $1.57775 a pound.
Hog futures for October settlement fell less than 0.1 percent to 90.85 cents a pound on the CME.