LIVESTOCK-Hog futures fall as soy prices rally
CHICAGO, Aug 23 (Reuters) - Chicago Mercantile Exchange hog futures fell on Tuesday, with strength in the soymeal market raising the prospects of increased feeding costs.
Feeder cattle contracts were also weaker due to strong corn prices while live cattle edged higher on light technical buying.
CME October lean hogs fell 1.075 cents to 92.9 cents per pound.
Signs of weakening pork prices added pressure to hogs. Prices typically ease as the grilling season wraps up and animals gain weight as the weather starts to cool.
CME October live cattle futures gained 0.1 cent to settle at 144.6 cents per lb, recovering from early weakness after finding support at their 20-day moving average. CME September feeder cattle futures dropped 1.9 cents to 182.45 cents per lb.
In the U.S. wholesale beef market, choice cuts fell $1.72 to $262.80 per hundredweight (cwt), according to the U.S. Department of Agriculture. Select cuts gained 44 cents to $238.80 per cwt.
The USDA reported pork carcass value at $105.08 per cwt on Tuesday afternoon, down $12.53. (Reporting by Mark Weinraub; Editing by Vinay Dwivedi)
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