U.S. cattle futures fell 2.1% on Tuesday when fund liquidation added to pressure from bearish talk of slow beef sales during the three-day holiday weekend.
In cattle, traders were disappointed by talk of slow beef sales over the U.S. Labor Day holiday weekend, which is considered the last "cookout holiday" of the summer.
"Beef product movement was average at best, with pork and chicken breasts leading the holiday sales parade," Andy Gottschalk, an analyst with with HedgersEdge.com, said in a market report.
Adding to the bearish sentiment was the USDA reporting the average Choice beef price at $161.75/cwt, down from Friday and the lowest since Aug. 19. While the decline was small, analysts and traders said it was evidence of weak holiday beef sales.
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