Chicago | Reuters — Chicago Mercantile Exchange hog and cattle futures fell on Monday, pressured by spillover weakness from sharp declines in the grains markets, traders said.
Concerns about demand from China added to the bearish tone hanging over the hog markets futures after weekend trade talks between Beijing and Washington ended without any deals being announced.
CME June hog futures led gainers after investors bought that contract and simultaneously sold deferred months in a trading strategy known as bull spreads, they said.
Cattle futures closed near session lows, a sign of long liquidation by investment funds, a trader said.
June live cattle settled down 0.175 cent/lb. at 104.725 cents (all figures US$). August ended down 1.175 cents at 102.45 cents.
June hogs were off 0.025 cents/lb. at 77.575 cents. July ended 0.875 cents lower at 77.925 cents.
Feeder cattle futures for August delivery closed 1.1 cents/lb. lower at 145.225 cents.
— Reporting for Reuters by Mark Weinraub in Chicago.
