CHICAGO, Sept 8 (Reuters) - Chicago Mercantile Exchange
cattle and hog futures weakened on Wednesday, with live cattle
sagging to their lowest in three months on sluggish cash market
activity, traders said.
The hog market was pressured by concerns about demand in
China, where high prices have slowed the consumption of pork.
CME December live cattle settled down 0.9 cent at
128.65 cents per pound after hitting 123.675 cents, its lowest
since June 9.
October feeder cattle dropped 0.775 cent to 159.275
cents per pound, touching its lowest since July 19.
Beef prices eased, with choice cuts of boxed beef down 33
cents to $334.86 per hundredweight (cwt) while select cuts
falling $3.73 to $298.17 per cwt, the U.S. Department of
Margins for beef packers were about $890.40 per head of
cattle, down from $904.75 on Tuesday and $943.00 a week earlier,
according to livestock marketing advisory service
The Biden administration plans to take a tougher stance
toward meatpacking companies it says are causing sticker shock
at grocery stores.
The administration will funnel $1.4 billion in COVID-19
pandemic stimulus money to small meat producers and workers,
administration aides said in a blog post. They also promised
action to "crack down on illegal price fixing."
CME lean hog futures ended lower, with the most-active
October contract settling down 0.725 cent at 87.375 cents
(Reporting by Mark Weinraub; Editing by Shailesh Kuber)