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LIVESTOCK-Cattle settle mostly lower on technical selling, hogs mixed
June 20, 2017 / 8:25 PM / in a month

LIVESTOCK-Cattle settle mostly lower on technical selling, hogs mixed

2 Min Read

    By Michael Hirtzer
    CHICAGO, June 20 (Reuters) - U.S. live cattle         and
feeder cattle futures         were mostly lower in a technical
selloff on Tuesday, with each declining to the lowest levels in
about two months before trimming losses.
    Broad selling in many commodities, led by crude oil       ,
further weighed on cattle at the Chicago Mercantile Exchange.
    "We had a pretty close correlation with the lows in crude
oil and cattle," said Global Commodity Analytics analyst Mike
Zuzolo said. "Both saw exhaustive fund selling and long
liquidation."
    CME August live cattle futures        were down 0.200 cent
to 115.900 cents per pound, recovering from their session low of
113.650 cents. Front-month June cattle        finished up 0.350
cent to 120.350 cents as investors continued to exit positions
ahead of the contract's expiration at the end of the month.
    CME August feeder cattle        finished 1.075 cents lower
at 143.925 cents per pound. 
    Brazilian meatpacker JBS SA            said it was selling
Five Rivers Cattle Feeding in North America, the largest U.S.
cattle feedlot operation, triggering some selling in cattle
futures.             
    Additionally, feedlots were offering more cattle for sale
this week to beef packers, potentially weighing on prices in
U.S. Plains cash cattle markets.
    CME lean hog futures         were mixed, with front-month
contracts gaining on back months as U.S. wholesale pork prices
hovered near the highest levels in more than a year,
underscoring strong demand for U.S. hogs and pork.         
    CME July hogs        were up 1.100 cents to 85.000 cents per
pound while most-active August hogs        were 0.175 cent
higher at 81.850 cents.
    

 (Reporting by Michael Hirtzer in Chicago; Editing by Dan
Grebler)
  

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