Hog, cattle futures fall as feed costs rise
CME Group hog and cattle futures eased on Friday, with rising soy and corn futures raising feed costs for livestock producers.
Traders noted consolidation trade ahead of the U.S. Memorial day holiday weekend. U.S. grain and livestock markets will be closed on Monday.
The nearby June hogs contract (LHM2) fell 0.7 cent to 110.4 cents per pound. Most-active July hog futures (LHN2) fell 0.1 cent to 111.725 cents per pound.
CME June live cattle (LCM2) dropped 0.225 cent to 132.175 cents per pound, while the most-active August live cattle (LCQ2) gained 0.2 cent to 132.4 cents per pound.
CME August feeder cattle (FCQ2) fell 0.35 cent to 166.325 cents per pound.
Prices for choice cuts of boxed beef were reported at $265.42 per cwt on Friday afternoon, up $1.45 from a day earlier, while select cuts rose to $246.50 from $244.43 per cwt, according to U.S. Agriculture Department data.