LIVESTOCK-Cattle futures fall for 7th day in a row, hog futures also weaker
By Mark Weinraub
CHICAGO, Aug 28 (Reuters) - Chicago Mercantile Exchange cattle and hog futures weakened on Friday in anticipation of a seasonal demand slowdown following the U.S. Labor Day holiday, traders said.
The losses in the futures market stemmed from weekly declines in the cash markets.
CME benchmark October live cattle fell 1.25 cents to close at 104.90 cents per pound, hitting its lowest since July 28. The contract closed below its 50-day moving average for the first time since June 28.
Cattle futures have fallen for seven days in a row, with supplies in focus following a bearish cattle on feed report from the U.S. Agriculture Department on Aug. 21.
October feeder cattle dropped 0.975 cent to 140.175 cents per pound.
"Live cattle futures are now a quick $5 off their highs of last week and feeders $9, all ahead of what the industry expects to be a seasonal late summer correction across the cash markets and beef markets post-Labor Day," brokerage StoneX said in a note to clients.
CME October lean hogs fell 2.075 cents to close at 53.65 cents per pound.
The USDA said the daily cattle slaughter fell by 3,000 head to 116,000 on Friday. The hog slaughter was down 1,000 at 481,000 head. (Reporting by Mark Weinraub Editing by Sonya Hepinstall)
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