CHICAGO, Sept 17 (Reuters) - Chicago Mercantile Exchange
lean hog futures on Friday extended a rebound from a selloff
that dragged the market to its lowest prices since February this
week, while cattle futures sagged.
The hog market was due for a correction to the upside after
the most-active December contract fell 13.5% from the
start of the month to a seven-month low on Thursday, traders
"It was a pretty substantial break that we've had," said Ted
Seifried, chief ag market strategist for Zaner Ag Hedge Group.
CME December hogs ended up 0.600 cent at 75.050 cents
per pound and touched their highest price since Monday. On
Thursday, the contract hit 71.275 cents per pound, its lowest
price since Feb. 19.
October lean hog futures ended up 0.250 cent at
85.725 cents per pound and topped a one-week high. The contract
on Tuesday sank to its lowest price since March 4.
Some brokers said the market appears to have established a
near-term floor for prices after the recent declines.
In CME cattle futures, prices weakened with boxed beef
Choice cuts of boxed beef tumbled by $3.53 to $314.47 per
cwt, while select cuts dropped $0.52 to $279.75 per cwt,
according to the U.S. Department of Agriculture.
"You've got concerns about boxed beef prices potentially
falling apart," Seifried said.
CME December live cattle settled down 1.050 cents at
127.525 cents per pound. November feeder cattle dropped
1.200 cents to close at 156.100 cents.
In global export news, Russia imposed restrictions on
Brazilian meatpackers after two atypical cases of mad cow
disease were detected this month, the Valor Economico newspaper
Brazil, the world's largest beef exporter, also temporarily
suspended its shipments to its No. 1 customer China, in line
with a health protocol signed between the two countries.
(Reporting by Tom Polansek in Chicago
Editing by Matthew Lewis)