Chicago Mercantile Exchange (CME) cattle futures fell for a third consecutive day on Thursday in profit-taking and technical selling setback following recent highs and amid some weaker-than-expected cash market sales this week, reported Reuters.
Elevated beef prices, tight cattle supplies and profitable packer margins, however, limited losses, analysts said.
Rising beef values have supported cattle futures for months, and traders now are assessing whether high prices could begin weighing on beef demand at the end of the summer outdoor grilling season.
The US Department of Agriculture (USDA) said the wholesale choice boxed beef value fell $1.80 per hundredweight on Thursday to $414.21 per cwt, down from the prior day's high that was the loftiest since May 2020. The select cutout gained 4 cents to $387.77 per cwt.
CME October live cattle futures ended 1.375 cents lower at 236.950 cents per pound. Feeder cattle followed, with the October contract ending the day down 2.550 cents at 358.950 cents per pound.
A small number of cattle traded at $242 per cwt at Southern Plains feedlot markets, steady with last week but below early-week expectations for slightly firmer values, traders said.
Beef packer margins rose to $103.45 per head on Thursday, up from $65.25 a week ago, according to Denver-based livestock marketing advisory service HedgersEdge.
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