Chicago Mercantile Exchange (CME) cattle futures ended lower on Monday, as technical selling dragged on markets for a second straight session, reported Reuters.
The market, however, remained locked within a recent range as investors gauged consumer beef demand against high prices caused by tight cattle supplies.
"We still have a low, low, low number of cattle out there. That's been the bullish argument for a long time," said independent livestock trader Dan Norcini.
"The bearish argument has been the same as it always has been: can the demand for beef sustain itself in an economy in which rising interest rates and higher energy costs are crimping consumer disposable income?"
The US Department of Agriculture quoted the choice boxed beef cutout $4.07 higher on Monday at $378.26 per hundredweight, and the select cutout up $4.08 at $358.57.
Actively traded CME December live cattle finished down 1.500 cents at 219.975 cents per pound, while November feeder cattle settled 1.025 cents lower at 330.125 cents per pound.
CME lean hog futures ended the day higher on Monday in a short-covering and technical-buying bounce after striking contract lows last week.
December lean hogs settled 0.825 cent higher at 70.950 cents per pound.
The market, however, remained locked within a recent range as investors gauged consumer beef demand against high prices caused by tight cattle supplies.
"We still have a low, low, low number of cattle out there. That's been the bullish argument for a long time," said independent livestock trader Dan Norcini.
"The bearish argument has been the same as it always has been: can the demand for beef sustain itself in an economy in which rising interest rates and higher energy costs are crimping consumer disposable income?"
The US Department of Agriculture quoted the choice boxed beef cutout $4.07 higher on Monday at $378.26 per hundredweight, and the select cutout up $4.08 at $358.57.
Actively traded CME December live cattle finished down 1.500 cents at 219.975 cents per pound, while November feeder cattle settled 1.025 cents lower at 330.125 cents per pound.
CME lean hog futures ended the day higher on Monday in a short-covering and technical-buying bounce after striking contract lows last week.
December lean hogs settled 0.825 cent higher at 70.950 cents per pound.