Cattle Slump for 2nd Straight Day on Falling Cash Prices; Hogs Fall

Chicago Mercantile Exchange live cattle futures fell sharply for a second straight session on Tuesday, pressured by technical selling and weakening cash cattle prices, traders said.

Large numbers of slaughter-ready cattle are expected to continue flooding the market over near term and futures prices have slumped in anticipation of a cash price decline.

The most-active August contract settled 1.500 cents lower at 100.400 cents per pound, its lowest since April 4. June cattle ended down 1.650 cents at 102.975 cents.

So far this week, a small number of cattle at U.S. Plains feedlot markets have traded from $112 to $118 per cwt, down sharply from last week's sales of mostly $122 per cwt, traders said. Prices are likely to remain weak when the bulk of cattle on offer are sold later this week, they said.

"This wall of cattle is coming to a head. We've got a monster number of cattle on feed," said analyst Craig VanDyke of Top Third Ag Marketing.

"We've seen cash cattle top out in the first week of May in the past three years and as of right now that looks to be holding true," he added.

Large cattle purchases by packers over the past two weeks gave some traders the impression that buyers would be less aggressive this week, even as packer margins remain robust.

The average beef packer margin on Tuesday was estimated at $162.95 per head, up from $135.45 a week ago, according to livestock marketing advisory service HedgersEdge.com.

CME feeder cattle futures followed live cattle lower, with actively-traded August ending 1.925 cents lower at 138.450 cents per pound.

Lean hog futures dropped on technical selling and fund liquidation, and as the futures market shed some of its premium to cash hog prices.

CME June hogs fell 1.425 cents to 74.725 cents per pound, with selling accelerating as the contract fell below key chart points including its 20- and 50-day moving averages. July hogs ended down 1.025 cents at 77.700 cents.

Comments

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
4 + 12 =
Solve this simple math problem and enter the result. E.g. for 1+3, enter 4.
Submitted by Sarah Jack on Thu, 05/17/2018 - 23:28

HOW I GET MY EX BACK WITHIN 2 DAYS
i sincerely want to thank a great spell caster called Dr joy for helping me to bring back my husband to me and my kids. after many years of marriage, my husband left me and my kid, and ran away with his new girlfriend to san francisco to start up their life without thinking about me and my son.I felt like my life was about to end, and was falling apart.after years of our separation i could not take it anymore so i decided to visit a friend who also encounter similar issue but she is living happily with her man now , to seek advice from her on how she get her ex husband back again.when i get there i explain everything to her and she told me not to worry that she will link me up with the spell caster who cast a spell on her husband that make him to come back to her. i pick her advice and i strongly hold onto it.then I contacted fortune spell caster (joylovespell@gmail.com OR joylovespell@gmail.com) and after I explained my problem,he told me not to worry that i have no problem in getting my husband back again.he gave me 2 days assurance that my husband will come looking for me that when he come i should accept him back. i told him that i will whole heatedly welcome him back. In just 3 days my husband came back to us and apologize for all the pain he have bring to the family. We solved our issues, and we are even happy more than ever before. fortune spell caster is the best spell caster to solve any kind of problem and sickness you have.. I really appreciate the love spell you cast for me to get the man back to my life i will keep sharing more testimonies to people about your good work. if you want your ex back and you don,t know what to do kindly email joylovespell@gmail.com for your ex to come back whats app him :+2348100452479.