Live and feeder cattle futures on the Chicago Mercantile Exchange were weaker on Thursday, as losses in the grains and oilseeds spilled into the livestock markets.
Live cattle futures on the Chicago Mercantile Exchange were stronger Monday, hitting fresh contract highs in many months as forecasts calling for cold temperatures across United States ranching areas raised concerns over reduced weight gains for grazing cattle.
Supply concerns and follow-through buying pushed Chicago Mercantile Exchange feeder cattle futures to their highest level since July on Friday after Washington said it may continue blocking imports of Mexican cattle until next year.
Feeder and live cattle futures turned higher on Thursday, as technical trading, a steady cash market and weakness in grain futures gave cattle contracts a boost.
Mercantile Exchange live cattle futures ended mostly lower on Wednesday, consolidating a day after the benchmark December contract LCZ25 set a near two-month high.
Benchmark December live cattle futures LCZ24 on the Chicago Mercantile Exchange climbed to their highest in nearly two months on Tuesday, supported by technical buying and a rosy outlook for beef demand tied to strength in Wall Street equity markets, analysts said.
Chicago Mercantile Exchange live cattle and feeder cattle futures jumped on Thursday as traders adjusted positions ahead of the U.S. Department of Agriculture's monthly cattle on feed report and saw strong U.S. export demand, according to analysts.
Chicago Mercantile Exchange lean hog futures ticked up on Wednesday as pork cutout values remained strong and a weaker dollar made U.S. exports more competitive, traders said.