Chicago | Reuters — CME Group hog and cattle futures eased on Friday, with rising soy and corn futures raising feed costs for livestock producers.
Traders noted consolidation trade ahead of the U.S. Memorial Day holiday weekend. U.S. grain and livestock markets will be closed on Monday.
The nearby June hogs contract fell 0.7 cent, to 110.4 cents/lb. (all figures US$). Most-active July hog futures fell 0.1 cent, to 111.725 cents/lb.
CME June live cattle dropped 0.225 cent, to 132.175 cents/lb., while the most-active August live cattle gained 0.2 cent to 132.4 cents/lb.
CME August feeder cattle fell 0.35 cent, to 166.325 cents per pound.
Prices for choice cuts of boxed beef were reported at $265.42/cwt on Friday afternoon, up $1.45 from a day earlier, while select cuts rose to $246.50, from $244.43/cwt, according to U.S. Agriculture Department data.
— Reporting for Reuters by Mark Weinraub in Chicago.
