Feeder cattle close down sharply and lean hog contracts finish lower.
U.S. live cattle futures fell for a fifth straight session on Friday on technical selling and pressure from a weak cash cattle market following lower trade at U.S. Plains feedlots this week, traders said.
Even with USDA's higher forecast of 2013 beef production, lower expected corn yields and higher prices continue to stem growth in the U.S. beef herd.
U.S. Cattle on Feed report shows cattle and calves on feed for slaughter market in the U.S. for feedlots with steady domestic beef demand.
Certified Angus Beef LLC (CAB) celebrates its 39th Anniversary this week with a conference here attracting 600 chefs, restaurateurs, retail meat managers, packers, processors and producers.
Feeder cattle contracts end lower, while lean hog contracts settle weaker.
Panic meat buying emptied shelves and drove the Choice beef cutouts nearly $48 per cwt. higher. Cash fed cattle were higher, but not at a proportionate level.
A CME futures market rally leads cash cattle $14 higher over the past two weeks.