December 7, 2017 / 11:44 PM / a year ago

LIVESTOCK-Live cattle futures sag for 6th straight session

    By Julie Ingwersen
    CHICAGO, Dec 7 (Reuters) - Chicago Mercantile Exchange
February live cattle futures        fell Thursday for a sixth
straight session, pressured by fund-driven long liquidation,
falling cash cattle prices and softening wholesale beef demand,
traders said.
    "Fund liquidation continues be a factor in the meat 
complex, although lower product prices are adding justification
for the selling at this point," INTL FCStone chief commodities
economist Arlan Suderman wrote in a note to clients.
    Choice-grade wholesale beef prices fell $1.32 to $205.08 per
cwt. Beef demand typically tapers off at this time of year as
consumers focus on shopping for Christmas gifts.           
    Packers on Thursday paid $117 per cwt for slaughter-ready,
or cash, cattle in the U.S. Plains, down from $120 to $121 a
week earlier, feedlot sources said.             
    Most-active CME February live cattle futures        ended
down 0.600 cent at 118.675 cents per pound.
    January        feeder cattle ended up 0.300 cent per pound
at 146.325 cents, bouncing after falling to a near three-month
low of 144.900 cents.
    Lean hog futures         fell for a third straight day,
pressured by lower cash prices as packing plants slowed their
hog purchases ahead of the Christmas and New Year's
    However, wholesale pork prices rose Thursday as grocers
finalized ham purchases ahead of the holidays.         
    Benchmark CME February lean hog futures        closed 0.475
cent lower at 68.475 cents per pound.

 (Reporting by Julie Ingwersen; Editing by James Dalgleish)
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