January 4, 2019 / 10:41 PM / 2 months ago

LIVESTOCK-Cattle futures extend slide to 2-week low on technicals

    By Michael Hirtzer
    CHICAGO, Jan 4 (Reuters) - Chicago Mercantile Exchange live
cattle futures         slumped to a two-week low on Friday,
extending a decline to the fifth consecutive session on pressure
from technical selling, traders and analysts said.
    Feeder cattle         and lean hog futures         also
eased, with feeders weighed down by rising corn prices       
that raised costs to fatten animals.
    Cash cattle in the U.S. Plains traded at mostly $123 per cwt
on Thursday - sales that were about unchanged from the previous
week and a sell signal for some futures traders.             
    "The steady cash must have been a disappointment. A lot of
the trade expected it to go higher," said Archer Financial
Services broker Dennis Smith.
    The U.S. Department of Agriculture on Friday said cash
cattle trades on Thursday in the Plains totaled 50,500 head at
an average price of $122.83 per cwt.         
    CME February live cattle         settled down 1.300 cent at
121.925 cents per pound, the lowest level since Dec. 20. The
contract's weekly decline of 1.8 percent was the biggest since
early in November.
    CME March feeder cattle         were off 1.625 cents to
142.825 cents per pound, the lowest since Dec. 18.
    Cattle prices last week reached multi-month highs before
turning lower this week.
    "Live and feeder cattle failed to bounce back on the
challenging week," CHS Hedging said in a client note.
    CME February hog futures         settled down 0.200 cent at
61.950 cents per pound as some investors took profits after the
hog market climbed for three straight sessions.
    

    

 (Reporting by Michael Hirtzer
Editing by Leslie Adler)
  
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