Cattle & Hogs Drop on Signs of Weaker Demand for US Meat

Cattle fell on signs of weakening demand for US beef. Hogs also deteriorated. The US Department of Agriculture reported that US exporters sold 10,508 metric tons of beef last week. This is a 39 percent drop from a week ago.

The global market sentiment was not supportive as traders cautiously wait for US non-farm payrolls that will be released today. Yesterday’s data showed that unemployment claims rose from 357,000 to 385,000 last week. It was a nasty surprise as market participants have expected a drop.

June futures for delivery of cattle declined 0.2 percent to $1.229 per pound on CME yesterday. Live-feeder cattle dropped $0.018 (0.14 percent) to $1.4575 per pound as of 00:17 GMT today. Hogs lost $0.0013 (0.14 percent) to $0.9190 per pound on today’s session. Wholesale-beef was little changed at $1.9148 per pound on the yesterday’s trading session.

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