Livestock Futures Drop Due To Selling

Hog futures fell on Tuesday. Traders blamed technical selling. The market moved closer to cash market values. This happened at Chicago Mercantile Exchange.

The prices for cattle contracts went down. Traders said it was because of the high prices of corn in the futures market.

Cattle and hog numbers have dropped, but it hasn't led to people buying more. Speculators are adding to their short positions, since there hasn't been any good news to make them think prices will rise. Traders say this is the reason why people aren't buying more.

In June, live cattle on CME decreased by 0.775 cents to 164.275 cents per pound. August's most-active contract fell by 1.025 cents to 162.575 cents.

In August, the price of feeder cattle decreased by 1.425 cents. The final price was 233.475 cents per pound.

June delivery CME lean hogs dropped by 1.15 cents to 80.675 cents per pound. The July contract also decreased, falling 1.175 cents and finishing at 80.975 cents. Mark Weinraub reported this news and it was edited by Devika Syamnath.