April 24, 2017 / 9:30 PM / 3 months ago

LIVESTOCK-CME live cattle drop from one-year peak, hogs rise

3 Min Read

    * Feeder cattle futures end mixed
    * USDA cattle report mildly bearish for futures Monday
    * Lean hog contracts post more losses

    By Karl Plume
    CHICAGO, April 24 (Reuters) - Chicago Mercantile Exchange
live cattle        fell on Monday in a profit-taking setback
after notching one-year highs for four straight days last week,
traders said.
    Larger-than-expected cattle placements in a monthly
government report issued after the market closed on Friday added
pressure to start the week, with deferred contracts posting the
steepest declines.
    "The trade been trying to dial in a top in the cattle market
for about six weeks now," said Don Roose, president of U.S.
Commodities. "There's more confidence now that maybe this week
we'll see the top in cash cattle and the (beef) cutout and we're
going to start to drift lower seasonally."
    CME April live cattle         closed 0.700 cent per pound
lower at 129.100 cents. Actively traded June futures        
ended 1.425 cents lower at 115.275 cents.
    Friday's U.S. Department of Agriculture Cattle-On-Feed
report was seen as mildly bearish for futures as U.S. cattle
ranchers in March placed 11.0 percent more cattle into feedlots
than a year ago in a record high for the month.             
    In another USDA report on Monday, the government reported
total U.S. frozen beef stocks at 464.47 million lbs, down
sharply from the prior month.             
    Monday afternoon's average wholesale choice beef price
climbed $1.51 per cwt to $218.67 while select cuts added 40
cents to $204.29, the USDA said.
    CME April feeder cattle         ended 0.125 cent per pound
lower at 138.425 cents. Actively traded May         closed 1.475
cents lower at 137.775 cents.
    
    HOGS REBOUND
    CME May lean hog futures bounced from Friday's contract lows
and deferred contracts recovered from multi month lows, lifted
by seasonally rising demand.
    May         closed 1.250 cents per pound higher at 64.275
cents and most actively traded June         ended up 1.150 cents
at 69.475 cents.
    After Monday's close, the USDA said total U.S. frozen pork
stocks fell last month to 555.052 million lbs and frozen pork
belly stocks dropped to an all-time March low of 20.570 million
lbs.

 (Reporting by Karl Plume; Editing by James Dalgleish)
  

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