Chicago Mercantile Exchange live cattle futures on Thursday slipped for a second straight day, amid investor caution while waiting for remaining cash cattle to change hands by Friday, said traders.
Short-covering and futures’ discounts to early-week cash returns provided downside market support, they said.
February live cattle closed down 0.250 cent per pound to 116.525 cents, and April 0.100 cent lower at 113.250 cents.
The bulk of animals sold on Wednesday’s Fed Cattle Exchange brought $118.50 to $119.25, compared with last week’s $117.50 average.
Slaughter-ready, or cash, cattle bids elsewhere in the U.S. Plains stood at $116 per cwt against $122 asking prices, said feedlot sources. Last week, Plains’ cash cattle fetched $119 to $120.50.