Chicago Mercantile Exchange cattle and hog futures slipped back on Tuesday.
Most-active April live cattle contracts lost 0.775 cents to close at 237.425 cents a pound. June futures settled at 233.800 cents a pound, down 0.525 cents.
Most-traded March feeder cattle futures closed at 364.775 cents a pound, down 2.675 cents. April feeders settled at 361.275 cents per pound, down 1.925 cents.
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Choice boxed beef slipped by $0.21 to end the afternoon at $367.55 per cwt the USDA reported. Select boxed beef was valued at $362.90 per cwt, down $2.45.
“Following a large spike higher last week, Wednesday, the market has been struggling to find its bullish footing,” wrote Walsh Trading analyst Jefferson Fosse.
Fosse noted that markets have had little reaction to news of increased beef imports from Argentina and to news that a New World screwworm dispersal facility had been completed in Texas. He added he was still bullish on cattle prices for the long run, but had some concerns in the short-term outlook.
Most-active April lean hog futures closed at 95.500 cents a pound, down 1.225 cents. June contracts closed down 0.900 cents at 108.900 cents per pound.
Pork carcass cutout value slipped by $0.37 to end the afternoon at $95.46 per cwt.
