CHICAGO, Oct 28 (Reuters) – Chicago Mercantile Exchange live cattle futures fell on Thursday, snapping three sessions of gains on some profit-taking, traders said.
Fresh signs of strength in the cash cattle markets had already been priced in, a trader said, and sharply higher prices for grain raised concerns about increased feeding costs.
Hog futures were firm, rebounding from an 8-1/2-month low after the front-month contract LHc1 found support at that level on Thursday morning.
CME December live cattle futures LCZ1 settled down 1.25 cents at 130.325 per pound. The decline of 2.1% was the biggest daily percentage drop for the front-month cattle contract LCc1 since May 13.
The December contract dropped below its 100-day moving average before finding support around its 50-day moving average.
In feeder cattle, the most-active January contract FCF2 fell 1.375 cents to settle at 157.575 cents per pound.
The benchmark December lean hogs contract LHZ1 rose 3.225 cents to 75.2 cents per pound. February lean hogs LHG2 closed the day up 2.875 cents at 77.2 cents per pound.
December hogs rose above their 10-day moving average for the first time in three weeks.
The U.S. Agriculture Department on Thursday morning said export sales of beef totaled 24,200 tonnes in the week ended Oct. 21, up from 7,600 tonnes a week earlier.
Pork export sales rose to 29,400 tonnes from 22,300 tonnes.
(Reporting by Mark Weinraub; Editing by Devika Syamnath)
(([email protected]; +1 313 484 5282; Reuters Messaging: [email protected]))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
www.nasdaq.com