Cattle Drop to Four-Week Low as Beef Demand Ebbs; Hogs Advance

September 3, 2013 10:12 AM
 
cattle numbers take hit

Cattle futures fell to the lowest in almost four weeks on signs of dwindling demand for beef in the U.S. Hog prices rose.

Meatpackers processed 124,000 cattle today, down 3.9 percent from a year earlier, U.S. Department of Agriculture data show. The Labor Day holiday yesterday is the third most-popular day for outdoor barbecues, according to an industry group.

"We’re coming to the end of grilling season," Dick Quiter, an account executive at McFarland Commodities LLC in Chicago, said in a telephone interview. "Demand potentially could taper off."

Cattle futures for October delivery fell 0.5 percent to settle at $1.262 a pound at 1 p.m. on the Chicago Mercantile Exchange. Earlier, the price touched $1.261, the lowest for the most-active contract since Aug. 7.

Feeder-cattle futures for October settlement rose 0.1 percent to $1.591 a pound.

Hog futures for October settlement advanced 0.4 percent to 88 cents a pound.

 

 

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