U.S. cattle futures fell on Friday on speculative and fund selling prompted by weak U.S. jobs data and talk of slowing beef and cattle sales, but catlte futures were up 1.6 percent for the week, .
Hogs also finished lower for the day in active trading, pressured by the slowdown in U.S. hiring and by lower cash hog and pork markets. But hogs also were higher for the week.
Cattle and hog prices are sensitive to economic news as a slowing economy can have consumers switching from beef and pork to lower-cost foods.
Cattle futures briefly jumped to a two-month high as cash markets traded $1 higher. But buying in futures faded as they topped 115.00 cents as talk emerged beef demand would not sustain such prices.
"I don't think demand is going to last past this week. With the unemployment report we had and the new job creation and with the past unemployment claims, consumers are not going to turn their attention to eating high-price steaks," said John Kleist, analyst with E-BOT Trading.
For the week, cash beef and cattle prices were higher as supermarkets restocked after godd sales over the three-day holiday weekend. But looking ahead to weeks of hot weather, traders did not see a repeat of that business.
"What is going to happen next? The restocking is done," said one Chicago trader.
Lower cash beef prices at midday fed market pessimism. USDA reported choice beef down 48 cents at $179.19 per cwt and select beef down 11 cents at $174.06.
Cash cattle traded about $3 higher on Friday at $115 per cwt in Texas and Kansas.
"We had the $115 and then we ran out of good news," said Peter Adams, principal with PNM Trading.
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