CME live cattle sink on long liquidation while beef racing | Einsmark news

By Karl Plume Chicago, June 20 (Reuters) -Chicago Mercantile Exchange Live Cattle surrendered early on Friday and dropped to a 2-1/2-week low on long liquidation and profit to the recent highlights of the entire time and as a rising cattle prices, traders said. Position that was released before the US Department of Agriculture’s monthly cattle on feed report, which was released to the nearby, also contributed the weakness. The market was supported by taking beef prices before Choice Beef slipped on Friday. Beef demand is expected to decline to a series of holidays when the consumption of beef usually rises, including Father’s Day and the upcoming US Independence Day Holiday. Benchmark CME August Live Cattle has set 1,850 cents lower at 209,825 cents per pound, the lowest closure since June 3. “You’ve seen the big run -up to the selection box that delays a little today. As we get closer to July 4th, you will have the idea that it’s going to cool a little more,” says Matthew Wiegand, broker with futuresone. According to the USDA data, the choice of cutting out beef selects $ 3.29 per CWT dropped to $ 390.50. The selected cut -out was $ 2.36 at $ 376.95 per CWT on Friday. After the end, the USDA reported that the US offer of cattle on feed on 1 June was 1% lower compared to a year before, in accordance with the trading estimates, while the posts of 8% were lower, a greater decline than expected. CME feeding councils followed live cattle and surrendered early profits that were linked to the ongoing suspension of imports from Mexico about concerns about the new world screw worm south of the border. The USDA announced new plans on Wednesday to combat the pest, as screwworm flies move north in Mexico. August -feeding ended 1.725 cents with 302,450 cents per pound. CME Lean Hog ​​Futures ended higher, with August actively traded by 0.450 cents with 112,450 cents. (Reporting by Karl Plume; Editing by Alan Barona)