CHICAGO, Sept 5 (Reuters) – Chicago Mercantile Exchange cattle futures fell for a fourth straight session on Friday on profit taking and technical selling following recent highs and as cattle traded flat to lower at Plains feedlot markets this week.
Lower beef prices and expectations for seasonally slowing demand at the end of the summer outdoor grilling season further fueled the break, although losses were limited by historically tight cattle supplies and strong beef packer margins, analysts said.
CME October live cattle futures ended 0.975 cent lower at 235.975 cents per pound. Feeder cattle followed, with the October contract ending down 1.050 cents at 357.900 cents per pound.
The U.S. Department of Agriculture said the wholesale choice boxed beef value fell $3.45 per hundredweight on Friday to $410.76 per cwt after rising at midweek to the highest point since May 2020. The select cutout shed $2.58 to $385.19 per cwt.
Beef packer margins moderated to $88.25 per head on Friday, down from $103.45 on Thursday but up from $75.60 a week ago, according to Denver-based livestock marketing advisory service HedgersEdge.
Cattle traded steady to down at feedlot markets in the central and southern Plains, according to USDA data, following early-week expectations for slightly firmer values.
CME lean hog futures firmed for a second consecutive day on Friday and for the ninth time in 10 sessions, supported by the discount of spot futures to the cash hog index.
October futures ended 1.000 cent higher at 96.025 cents per pound.
(Reporting by Karl Plume; Editing by Alan Barona)
