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LIVESTOCK-Cattle extends decline on technicals; hogs mostly higher
September 26, 2017 / 11:31 PM / in 2 months

LIVESTOCK-Cattle extends decline on technicals; hogs mostly higher

    By Michael Hirtzer
    CHICAGO, Sept 26 (Reuters) - Chicago Mercantile Exchange
live cattle futures         fell for the second straight session
on Tuesday, easing on follow-through technical selling in the
wake of bearish government supply data released late on Friday,
traders said.
    Most-active CME December live cattle        settled down
0.950 cent to 113.475 cents per pound while front-month October
cattle        were down 0.950 cent to 108.275 cents. 
    CME November feeder cattle        declined 0.950 cents to
150.650 cents per pound.
    Cattle futures had jumped to the highest levels in more than
a month before the U.S. Department of Agriculture on Friday
showed larger-than-expected placements of cattle on feed in
August - data that portended more cattle available to beef
packers early in 2018.
    "We had a pretty good rally last week and the market was due
for a short-term setback," said Doane Advisory Services
economist Dan Vaught.
    Traders were waiting for deals to develop in U.S. Plains
cash cattle markets after higher cash prices last week helped to
buoy futures. 
    USDA said choice-grade wholesale beef prices were up $2.82
to $196.78 per cwt.            
    Pork in the wholesale market was down $1.01 to $72.49 while
cash hogs in the top market of Iowa and southern Minnesota edged
4 cents lower to $47.78 per cwt, USDA said.                  
    CME October lean hog futures        fell to a contract low
of 55.025 cents per pound, before settling at 55.250 cents, down
1.075 cents.
    But most deferred contracts gained on short-covering, with
most-active December hogs        firming by 0.675 cent to 58.100
cents per pound.

 (Reporting by Michael Hirtzer in Chicago; Editing by David
Gregorio)
  

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