Chicago Mercantile Exchange live cattle futures fell for a second day on Thursday after reaching three-week highs earlier in the week, as traders awaited the results of the U.S. Department of Agriculture's next Cattle on Feed report, due on Friday.
Chicago Mercantile Exchange lean hog futures dipped Friday on technical selling and a lower pork cutout, while feeder cattle turned higher on strength in the cash market, traders said.
Chicago Mercantile Exchange lean hog futures fell on Thursday on profit-taking following recent gains, according to analysts, while declining wholesale meat prices pressured both cattle and hogs.
Brazil's JBS, the world's largest meatpacker, sees "very strong" demand for beef, pork and chicken in the U.S., said the president of JBS USA, Wesley Batista Filho on Thursday during the firm's third quarter earnings call.
Chicago Mercantile Exchange lean hog futures lost ground on Wednesday on weakness in the pork cutout, according to analysts, while cattle futures also retreated on falling wholesale prices.
Chicago Mercantile Exchange live cattle futures gained strength on Tuesday on technical trading, analysts said, while lean hog futures rose for a second day as traders anticipated growing export demand.
World food prices rose in October to an 18-month high as vegetable oils led increases seen in most food staples, United Nations' data showed on Friday.
Farm workers who have been exposed to animals with bird flu should be tested for the virus even if they do not have symptoms, the U.S. Centers for Disease Control and Prevention said on Thursday.