CME update: cattle futures sag ahead of monthly USDA report

 According to Reuters, traders believe that the report will show another month of higher placements.

Dax Wedemeyer, an analyst at US Commodities told Reuters, “The market is seeing heavy weights and will need to see demand pick up."

Chicago Mercantile Exchange October live cattle futures settled down 0.225 cent at 106.475 cents per pound and December dropped 0.425 cents to end at 110.175 cents.

CME October feeder cattle settled down 1.625 cents at 140.625 cents per pound, and most-active November feeder cattle ended down 1.550 cents at 141.175 cents a pound.

Packer beef margins were at $298.20 per head, down from a week earlier but still at record levels.

Meanwhile, boxed beef prices were mixed, with choice cut values dropping 92 cents to $215.30 per cwt, while select cuts gained 80 cents to 206.62 per cwt.

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Source: Reuters