CME live cattle sink on long liquidation as beef rally falters
Position squaring ahead of the U.S. Department of Agriculture's monthly Cattle on Feed report, released after the close, also contributed weakness.
The market had been underpinned by rallying beef prices before choice beef slipped on Friday.
Demand for beef is expected to wane following a series of holidays when beef consumption typically rises, including Father's Day and the upcoming U.S. Independence Day holiday.
Benchmark CME August live cattle settled 1.850 cents lower at 209.825 cents per pound, the lowest close since June 3.
"You did see the big run-up in choice box beef slow down a little bit today. As we draw closer to the 4th of July, you're gonna have the idea that that's gonna cool off a little bit more," said Matthew Wiegand, broker with FuturesOne.
The choice boxed beef cutout value fell $3.29 per cwt on Friday to $390.50 after gaining $28.71 since June 6, according to USDA data. The select cutout was up $2.36 at $376.95 per cwt on Friday.
After the close, the USDA reported that the U.S. supply of cattle on feed as of June 1 was down 1% from a year earlier, in line with trade estimates, while May placements were down 8%, a larger-than-expected drop.
CME feeder cattle followed live cattle lower, surrendering early gains that were tied to the ongoing suspension of imports from Mexico over concerns about New World screwworm south of the border.
The USDA on Wednesday announced new plans to combat the pest as screwworm flies have been moving northward in Mexico.
August feeder cattle ended down 1.725 cents at 302.450 cents per pound.
CME lean hog futures ended higher, with actively-traded August up 0.450 cent at 112.450 cents.
(Reporting by Karl Plume; Editing by Alan Barona)
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