Chicago Mercantile Exchange (CME) cattle futures fell in a technical reversal on Thursday after three days of gains, while lean hogs rebounded from three days of long-liquidation losses, Reuters reported, citing analysts.
The cattle market was getting technically overbought as the week wound down, though futures gained support from cash cattle trading higher this week and from a cold snap hitting the US Plains, said Don Roose, president of US Commodities.
"I think we saw some technical profit-taking," he said.
Cash cattle traded at $191 this week in Kansas, up from $187 this time last month, according to broker StoneX.
CME February live cattle settled 0.525 cent lower at 190.850 cents per pound, after earlier trading as high as 192.700 cents, its highest since May 24. January feeder cattle lost 0.700 cent to settle at 258.350 cents per pound.
Choice boxed beef added $4.01 to $315.24 per cwt, the US Department of Agriculture reported on Thursday, and select boxed beef gained $2.37 to $280.48 per cwt.
Beef packer losses were estimated at $62.05 per head on Thursday, compared with losses of $51.05 per head on Wednesday and $88.60 a week ago, according to marketing advisory service HedgersEdge.
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