Chicago Mercantile Exchange (CME) live cattle futures turned lower on Wednesday on a round of profit-taking after most months climbed to life-of-contract highs, with a seasonal downturn in beef prices adding to bearish sentiment, Reuters reported, citing traders.
Most-active August live cattle futures settled down 1.950 cents at 176.875 cents per pound, retreating after rising to a contract high of 181.175 cents. October cattle ended down 1.475 cents at 180.250 cents after peaking at 184.350 cents.
August feeder cattle futures settled down 0.575 cent at 246.575 cents per pound, turning lower after rising to a contract high at 251.300 cents.
In the boxed beef market, the US Department of Agriculture prices choice cuts at $310.98 per hundredweight (cwt), down $1.14 from Tuesday and the lowest since June 2.
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