LIVESTOCK-Live cattle futures snap seven-session losing steak
By Tom Polansek
CHICAGO, Aug 31 (Reuters) - Chicago Mercantile Exchange live cattle futures jumped on Monday in a rebound from a seven-session streak of losses, while lean hog futures closed weaker.
Live cattle were due for a rebound after falling last week amid pressure from weakness in the cash market, traders said. Short covering helped lift prices, they said.
"We broke pretty sharply here on the cattle," said Matt Wiegand, commodity broker for FuturesOne.
CME benchmark October live cattle ended up 0.400 cent at 105.300 cents per pound, after falling earlier in the session to its lowest price since July 28.
October feeder cattle rose 0.450 cent to 140.625 cents per pound.
Cash cattle prices may fall further this week, putting renewed pressure on futures, traders said.
Boxed beef prices were under pressure on Monday, with choice cuts declining by $2.05 to $227.35 per cwt, according to U.S. Department of Agriculture data.
Traders are waiting to assess U.S. beef demand following the upcoming Labor Day holiday in the United States. Typically, consumers shift purchases to meats consumed indoors like roasts from steaks that go on the grill.
"Boxed beef looks like it's peaked for now," said Wiegand.
In the pork market, CME October lean hogs slipped 0.050 cent to close at 53.600 cents per pound.
Large supplies continue to hang over the market, traders said.
Meatpackers slaughtered an estimated 486,000 hogs on Monday, up from 469,000 a week ago, according to USDA data. They slaughtered 119,000 head of cattle, up from 117,000 a week earlier. (Reporting by Tom Polansek in Chicago)
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