CHICAGO — U.S. cattle futures slid sharply Wednesday, falling to the lowest levels in a month as investors worry a dip in the wholesale beef market is a sign of flagging demand.
February live-cattle futures slid 2.05 cents, or 1.6%, at $1.2725 a pound on the Chicago Mercantile Exchange, after falling earlier in the session by the CME limit of three cents. Cattle futures for April also trimmed losses late in the trading day, sliding 1.975 cents to $1.28175 a pound. Feeder-cattle futures for January slid 1.55 cents to $1.5500 a pound.
In addition to concerns about the global economy, a recent decline in the beef market has added worries that packers may have less reason to bid aggressively for cattle in the coming weeks. Some analysts contend the beef buying is in a seasonal downtrend, which will hang over cattle futures for the coming month.
To read the rest of the story, please go to: NASDAQ
