Cattle futures fell for a second straight day on speculation that U.S. beef demand is easing. Hog prices also declined.
Retailers probably have already filled meat orders for grilling demand for the Memorial Day holiday weekend, which starts May 25, said Dick Quiter, an account executive at McFarland Commodities LLC. Meatpackers processed 373,000 cattle during the first three days of the week, down 0.5 percent from a year earlier, U.S. Department of Agriculture data show.
“Demand seems to be a little bit lighter than what they hoped,” Quiter said in a telephone interview from Chicago. “Most of the retail buying for Memorial Day and maybe out even into Father’s Day, they pretty much have got that locked up.”
Cattle futures for August delivery fell 0.1 percent to $1.1915 a pound at 10:28 a.m. on the Chicago Mercantile Exchange. Prices were down 9.9 percent this year through yesterday.
Feeder-cattle futures for August settlement slid 0.1 percent to $1.442 a pound.
Hog futures for July settlement declined 0.4 percent to 93.025 cents a pound. As of yesterday, prices climbed 9 percent in 2013.
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