Latest news with #MatthewWiegand
Mint
2 days ago
- Business
- Mint
Cattle futures retreat in a technical selloff
CHICAGO, Aug 8 (Reuters) - Chicago Mercantile Exchange feeder cattle futures hit the limit down and live cattle futures fell on Friday, as traders booked profits after both markets reached contract highs during the previous two sessions. Resilient consumer demand for beef and a tight cattle supply have fueled recent gains in cattle futures. Retail buying ahead of Labor Day, a traditional grilling holiday, has also added a boost to futures. October live cattle futures fell 6.25 cents to 225.975 cents per pound. September feeder futures lost 9.25 cents to end at 349.625 cents per pound. October hogs ended 0.25 cent lower at 90.675 cents per pound. "There's no specific big news, we just got wildly overbought," Matthew Wiegand, broker at FuturesOne, said. "It's big volume in a once-in-a-lifetime market." Meanwhile, a rally in wholesale beef prices has slowed, though meatpackers have continued to lower slaughter rates. The choice boxed beef cutout declined by 10 cents to $378.84 per hundredweight (cwt), while the select cutout rose $1.34 to $355.09 per cwt, according to U.S. Department of Agriculture data on Friday afternoon. Packers are seeking to reduce losses as margins remain deep in the red, with the USDA's daily slaughter figures down sharply from the same time period a year ago. Though producers are in the early stages of rebuilding their cattle herds after years of drought forced them to cull cattle, industry players are still awaiting concrete signs of the shift to reflect in USDA data. (Reporting by Heather Schlitz; Editing by Mohammed Safi Shamsi)
Mint
20-06-2025
- Business
- Mint
CME live cattle sink on long liquidation as beef rally falters
CHICAGO, June 20 (Reuters) - Chicago Mercantile Exchange live cattle surrendered early gains on Friday and slumped to a 2-1/2 week low on long liquidation and profit-taking following recent all-time highs and as surging beef prices showed signs of topping out, traders said. 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)
