July 16 Chicago Mercantile Exchange live cattle
futures sagged on Wednesday after wholesale beef prices turned
lower late Tuesday following a spike earlier in the day, traders
* At 8:35 a.m. CDT (1335 GMT), August was down 0.675
cent at 147.900 cents per lb, and October fell 0.625 cent
* Tuesday afternoon's wholesale price for choice beef was
down 61 cents per hundredweight (cwt) from Monday at $250.53.
Select beef fell 96 cents to $243.46, according to the U.S.
Department of Agriculture.
* Beef demand typically wanes after the Fourth of July
holiday as warmer weather curbs consumer appetites for heavier
* The possible slowdown in beef demand and the long-awaited
seasonal supply increase might pressure prices for market-ready,
or cash, cattle this week.
* Cash cattle bids in Texas and Kansas were at $152 per cwt
versus $158 asking prices from sellers, said feedlot sources.
Last week, cash cattle in the U.S. Plains sold at $155 to $156
* On Tuesday, the CME said it is in the initial stage
of considering whether to shorten electronic livestock market
* FEEDER CATTLE - August dropped 1.600 cents per lb
to 209.925, and September was 1.450 cents lower at
* CME feeder cattle felt pressure from profit-taking, higher
corn prices and lower live cattle futures.
* LEAN HOGS - August was down 0.475 cent at 130.250
cents, and October was at 115.500 cents, down 0.450.
* CME hogs moved lower on profit-taking in response to
Tuesday's weak prices for hogs at heavier weights, traders said.
* USDA data showed the Tuesday afternoon average hog price
in the Iowa/Minnesota market down 51 cents per cwt from Monday
* On Wednesday, separate government data showed hog weights
in Iowa/Minnesota for the week ended last Saturday averaged
285.5 lb, up 1.3 lbs from the week before and up 13.5 lbs from a
* Packers have cut kills and allowed bigger hogs to offset
production losses in the wake of the deadly Porcine Epidemic
* Cooler than normal temperatures in the Midwest for this
time of year and less-costly feed is conducive for making hogs
heavier quickly, an analyst said.
(Reporting by Theopolis Waters in Chicago; Editing by Peter