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LIVESTOCK-Profit-taking drags down CME livestock futures

07/27/2021 | 05:26pm EDT

CHICAGO, July 27 (Reuters) - Chicago Mercantile Exchange live cattle futures fell on Tuesday after rising to their highest price in more than three weeks, while feeder cattle pulled back from contract highs on Monday.

Lean hog futures also weakened as traders took money off the table after recent gains.

Traders said profit-taking hit cattle markets that jumped after the U.S. Department of Agriculture said in a report on Friday that fewer domestic cattle were placed in feedlots than analysts had expected.

Most-active CME October live cattle futures ended 0.775 cent lower at 128.425 cents per pound. Earlier, the contract touched 129.875 cents, its highest price since July 1.

CME September feeder cattle fell 0.825 cent to close at 164.000 cents per pound after setting a contract high of 165.525 cents per pound on Monday.

"Cattle had some profit-taking after a positive Cattle on Feed report," said Don Roose, president of Iowa-based broker U.S. Commodities.

In the pork market, CME August lean hog futures rose 0.075 cent to 107.475 cents per pound and reached the highest price since June 18 at 108.125 cents. Most-active October hogs ended down 0.575 cent at 92.525 cents after touching the highest price since June 15 at 94.050.

In China, the world's biggest pork producer and consumer, widespread floods have killed thousands of livestock and raised concerns about the spread of disease.

The disaster came as China continues to battle the African swine fever (ASF) virus, which decimated its herd after being detected in 2018.

Still, lower pork prices should incentivize demand in China, said Juan Luciano, chief executive of grain trader Archer-Daniels-Midland.

"The reality is that pork prices have come down," he said on a quarterly earnings call. "But you also need to understand that during the ASF, people get to eat more poultry as well, and we have seen that demand grow."

(Reporting by Tom Polansek in Chicago; Editing by Dan Grebler)

ę Reuters 2021
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