CHICAGO, Aug 30 (Reuters) - Chicago Mercantile Exchange live
cattle futures sagged on Monday as beef prices fell and brokers
worried that U.S. demand for steaks and hamburgers will decline
after the upcoming Labor Day holiday weekend.
Beef prices have softened after reaching their highest price
since May 2020 last week as retailers stocked up for
end-of-summer sales. Beef prices normally top out just ahead of
Labor Day, which is next Monday.
Choice cuts of boxed beef fell by $2.63 to $342.74 per cwt,
while select cuts dropped by $2.39 to $313.13 per cwt, according
to the U.S. Department of Agriculture.
"Typically the end of the grilling season is the weekend,"
said Brian Hoops, president of U.S. broker Midwest Market
Solutions. "Then demand starts to soften a little bit."
CME October live cattle ended down 0.800 cent at
128.325 cents per pound. December live cattle slipped
0.650 cent to 134.675 cents per pound.
Feeder cattle futures ended mostly firmer, as grain prices
stumbled. October feeders settled up 0.525 cent at
168.950 cents per pound.
In the pork market, CME October hogs ended 0.575 cents lower
at 90.150 cents per pound.
U.S. wholesale pork cutout values also stumbled. The USDA
reported that pork carcass value fell $6.87 to $109.72 per cwt.
China's state planner said it will continue to buy pork for
state reserves to support weak prices in the world's top
China has been rebuilding its hog herd after the fatal pig
disease African swine fever decimated its hog herd and forced
the country to increase imports.
In other livestock news, U.S. chicken producer Sanderson
Farms said Hurricane Ida closed plants in Mississippi and
Louisiana, though none of its facilities suffered significant
structural damage. The company plans to operate during the
holiday weekend, including on Monday, to catch up on lost
production, according to a statement.
(Reporting by Tom Polansek in Chicago; editing by Richard