Sep 20, 2014
Home| Tools| Events| Blogs| Discussions| Sign UpLogin

Cattle Futures Fall as Meat Buyers Switch to Pork, Chicken

June 20, 2013
cattle feedyard 2
  
 
 

Cattle futures fell, heading for the biggest decline this week, on speculation that demand for U.S. beef will slow as consumers switch to cheaper pork and chicken. Hog prices also declined.

Slaughtering plants processed 368,000 cattle in the first three days of this week, down 3.2% from the same period a year earlier, U.S. Department of Agriculture data show. Supermarkets may have completed most of their buying before the Independence Day holiday on July 4, the busiest day of the year for outdoor grilling, according to Dick Quiter at McFarland Commodities LLC. While wholesale beef dropped 6 percent in the past four weeks to $1.9869 a pound, pork fetched $1.0698 a pound and chicken cost $1.0575, according to government data.

"Pork is considerably cheaper and there’s plenty of chickens around, so demand is relatively low for cattle," Quiter, an account executive, said in a telephone interview from Chicago. "It’s going to be hard to turn this cattle market around now that Fourth of July demand has passed."

Cattle futures for August delivery fell 0.4% to $1.199 a pound at 12 p.m. on the Chicago Mercantile Exchange, heading for the biggest drop since June 14.

Prices through yesterday were down 9 percent this year. U.S. beef exports probably will drop 5.8 percent this year to 2.31 billion pounds, and slip 0.5 percent in 2014, the USDA estimates.

Feeder-cattle futures for August settlement declined 0.3 percent to $1.44175 a pound.

Hog futures for August settlement fell 0.1 percent to 98.3 cents a pound on the CME. Prices through yesterday were up 4.8 percent for June and 15 percent this year.

See Comments

RELATED TOPICS: Hogs, Cattle

 
Log In or Sign Up to comment

COMMENTS

No comments have been posted



Name:

Comments:

Hot Links & Cool Tools

    •  
    •  
    •  
    •  
    •  
    •  

facebook twitter youtube View More>>
 
 
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions