July 6, 2018 / 9:34 PM / 9 days ago

LIVESTOCK-CME cattle mostly lower on technicals; hogs drop on cash declines

    By Michael Hirtzer
    CHICAGO, July 6 (Reuters) - Chicago Mercantile Exchange
cattle and hog futures were mostly lower on Friday, easing on
technical selling and worries of lower prices ahead in cash
markets for the animals, traders and analysts said.
    Live cattle futures         reversed lower despite sharply
higher trades in cash steer markets, with cattle fetching prices
up $7 or more at feedlots in Kansas and Nebraska.         
    The most active August live cattle contract        settled
unchanged at 106.375 cents per pound after rising to a session
peak of 108.225 cents. October live cattle        was down 0.500
cent to 109.625 cents and August feeder cattle        was off
0.375 cent to 152.200 cents.
    Cash cattle prices generally begin trending lower around
this time of year as beef demand for outdoor grilling slows in
the wake of the U.S. July 4 holiday. Beef packers still needed
to fulfill retail orders but demand for both cattle and beef
could slow in the coming weeks.
    Still, beef packers paid about $113 to $114 per cwt for
cattle, up sharply from deals ranging from $106 to $107.50 last
week, according to feedlot sources.
    "There's a tremendous amount of boxed beef orders to fill.
They (packers) have to get a lot of cattle bought," said Domenic
Varricchio, consultant at Roach Ag Marketing Ltd.
    Boxed beef prices were down 40 cents to $208.03 per cwt for
choice-grade cuts, according to the U.S. Department of
Agriculture.           
    Pork in the wholesale market fell 77 cents to $85.52 per cwt
while hogs in the top cash market of Iowa and southern Minnesota
fell 55 cents to $77.35 per cwt, USDA data showed.         
        
    Hog futures extended losses, tracking the declines in cash
markets in the wake of a government report last week that showed
an expanding U.S. hog herd.
    Most active CME August hogs        were down 0.625 cent to
75.425 cents per pound while July hogs        tumbled 1.925
cents to 81.375 cents as investors continued exiting the
front-month contract.

 (Reporting by Michael Hirtzer
Editing by James Dalgleish)
  
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