Content ID

335476

LIVESTOCK-CME cattle end lower on long liquidation, higher grain prices

By Julie Ingwersen

CHICAGO, Oct 31 (Reuters) - Chicago Mercantile Exchange live cattle futures closed lower on Monday for a third straight session, pressured by fund-driven long liquidation at month's end and rising prices for feed grains such as corn, traders said.

CME December live cattle settled down 0.525 cent at 152.475 cents per lb, retreating farther from a life-of-contract high set last week at 154.250 cents.

Managed funds aggressively widened their net long position in CME live cattle futures in the week ended Oct. 25, data from the Commodity Futures Trading Commission showed, leaving the market prone to bouts of long liquidation.

CME November feeder cattle fell 0.250 cent to end at 177.625 cents per lb, and January feeders finished down 0.925 cent at 179.450 cents per lb. Feeders slipped as benchmark Chicago corn futures hit a two-week high, signaling higher costs for feed. Corn rose after Russia suspended its participation in a U.N.-brokered deal that had enabled grain exports from war-torn Ukraine via the Black Sea.

CME lean hog futures followed cattle lower. December lean hog futures ended down 1.175 cents at 84.925 cents per lb after dipping to 84.425 cents, the contract's lowest since Oct. 17.

The USDA quoted the U.S. pork carcass cutout value at $99.94 per cwt, down $1.40 from Friday. Pork bellies tumbled by $23.62 to $131.60. (Reporting by Julie Ingwersen; Editing by Rashmi Aich)

© Copyright Thomson Reuters 2022. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about
Loading...

Tip of the Day

Puncture spray cans

Spray can puncture The local scrapyard wouldn’t accept empty aerosol containers unless there was a hole in the can. So I glued a PVC cap to one end of a pipe... read more

Talk in Marketing

Most Recent Poll

Will you have enough on-farm storage for harvest?

I just want to see the responses
45% (30 votes)
Yes
37% (25 votes)
No, it’s going to be a bin-buster
9% (6 votes)
Maybe, depending on yields
4% (3 votes)
No, I am looking at new bins or temporary storage
4% (3 votes)
Total votes: 67
Thank you for voting.