U.S. livestock: Cattle futures drop on fund selling

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Chicago | Reuters – U.S. cattle futures fell on Tuesday, with traders noting pressure from fund selling.

Hog futures were slightly firmer as investors squared positions ahead of a key government supply report.

Chicago Mercantile Exchange (CME) February live cattle futures dropped 1.2 cents to settle at 113.45 cents per pound.

The contract found support at its 100-day moving average.

January feeder cattle dropped 0.6 cent to 140.025 cents per pound.

The choice boxed beef cutout fell 25 cents to $210.67 per cwt, according to the U.S. Agriculture Department. Select cuts gained $2.33 to $199.59 per cwt.

CME February lean hogs rose 0.1 cent to 66.025 cents per pound.

After the market closed, the USDA issued its monthly cold storage report which showed that total U.S. frozen beef stocks stood at 511.460 million lbs as of Nov. 30, up 7% from a year earlier.

Frozen pork belly stocks of 23.111 million lbs were down from 54.416 million lbs a year earlier.

USDA will release its quarterly report on hog inventories on Wednesday. Analysts were expecting it to show the U.S. hog herd decreased by 1% from a year earlier.

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