CME cattle futures fell on Wednesday after days of hitting fresh highs.
Most active February live cattle futures settled at 193.700 cents per pound, down 1.875 cents a pound from Tuesday. March live cattle futures fell 2.025 cents per pound to 266.025 cents a pound.
The market is approaching overbought territory, Barchart reported.
Most active March feeder cattle futures closed at 264.975 cent per pound, down 2.950 cents from Tuesday.
The U.S. Department of Agriculture reported choice beef cutout values at $328.61 per cwt, up $2.82 from yesterday. Select beef sat at 306.80 cents per cwt, up $1.46.
Overall market dynamics suggest continued upward pressure on cattle futures, analysts said. Tight cattle supplies are expected to continue, and harsh winter conditions may impact cattle weight gain, further constraining supplies.
Most active February lean hog futures rose 0.300 cents per pound to 79.475 cents. April lean hog futures fell to 85.700 cents per pound, down 0.650 cents from yesterday.
This afternoon, the USDA FOB plant pork cutout value was up $2.13 to $90.53 per cwt. Most primal cuts ended the day up.
