Cattle and pork futures fell sharply Thursday on the Chicago Mercantile Exchange amid perceptions a recent buying spree tied to heavy supermarket promotions has come to an end.
On other markets, silver futures continued to gain, as did coffee.
Meat and livestock futures tumbled as cash prices for fresh slaughters this week continued to fall below expectations. Meatpackers, flush with supplies purchased in the past few weeks when prices were cheaper, appeared to be willing to hold out to replenish their stockpiles, market participants said.
With ample supplies continuing to haunt the market, heavy meat purchases had been the only thing propping the market. Investors are unsure whether pork and beef will become an integral part of the food aid package to Russia, while demand elsewhere overseas has been light.
Live cattle for December delivery fell 1 cent to 64.92 cents a pound; November feeder cattle fell 1.08 cents to 71.47 cents a pound; December lean hogs fell 1.28 cents to 37.67 cents a pound; February pork bellies fell .63 cent to 48.77 cents a pound.
Meat Industry Insights News Service
P.O. Box 553
Northport, NY 11768
Phone: 631-757-4010
Fax: 631-757-4060
E-mail: sflanagan@sprintmail.com
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