Feeder cattle futures on the Chicago Mercantile Exchange (CME) ticked higher on Tuesday while live cattle futures slipped as market players weighed a softening cash market and consumer demand for beef, Reuters reported, citing analysts.
CME December live cattle futures settled down 1.35 cents to end at 227.20 cents per pound, and CME January feeder cattle ended 0.325 cent higher, closing at 329.15 cents per pound.
In the previous session, daily limits widened to 13.750 cents for feeder cattle futures and 10.750 cents for live cattle in Tuesday's trading session, the exchange said.
Cattle futures have remained underpinned by a small cattle herd, after a lengthy drought and the halt of Mexican cattle imports due to an outbreak of screwworm.
The reopening of the federal government has pushed stock markets higher, providing spillover support to livestock futures.
However, concerns about weakness in the US labour market after a report showed private employers cutting jobs have injected doubt about consumer demand for beef, which is one of the priciest proteins in grocery stores.
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