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LIVESTOCK-Live cattle futures slip from seven-year peak

LIVESTOCK-Live cattle futures slip from seven-year peak

Reuters · 09/13/2022 16:05
LIVESTOCK-Live cattle futures slip from seven-year peak

- Chicago Mercantile Exchange live cattle futures fell after hitting their highest in seven years on Monday.

Feeder cattle futures continued to weaken, with the front-month contract FCc1 dropping to a five-week low, as the prospect of high feeding costs due to strong corn prices pressured the market.

Hog futures firmed on technical buying.

CME October lean hogs LHV2 closed 3.875 cents higher at 95.75 cents per lb, while December hogs LHZ2 gained 2.925 cent to end at 85.7 cents per lb.

The contract turned higher after finding support at its 200-day moving average. It broke through its 20-day, 30-day, 40-day, 50-day and 100-day moving averages during the session.

October live cattle LCV2 dropped 0.95 cent to 144.8 cents per lb, and December LCZ2 dropped 0.9 cent to close at 150.45 cents per lb.

The front-month contract LCc1 peaked at 146.1 cents on Monday, its highest on a continuous basis since Aug. 31, 2015.

October feeders FCV2 gave up 2.6 cents to close at 180.525 cents per lb. GRA/

Meat processors slaughtered about 476,000 hogs on Tuesday, down from 481,000 hogs a year earlier, according to daily U.S. government data. LIV/KILL

Cattle slaughter was reported at 128,000 head, up from 120,000 in the comparable period in 2021.

(Reporting by Mark Weinraub; Editing by Shinjini Ganguli)

((mark.weinraub@thomsonreuters.com; +1 313 484 5282; Reuters Messaging: mark.weinraub.thomsonreuters.com@reuters.))