Cattle Markets DeclineCattle Markets Decline
Cattle sank to the lowest level since January.
June 7, 2010
Cattle sank to the lowest level since January. Cattle futures for August delivery slipped 0.575¢, or 0.6%, to 88.05¢ a pound. The price earlier touched 87.975¢, the lowest for a most-active contract since Jan. 12. Feeder-cattle futures for August settlement declined 0.325¢, or 0.3%, to $1.0855/lb.
Wholesale Choice beef prices slumped recently, the longest slide since February 2009, according to the USDA. Beef sold for $1.6009/lb., the lowest level since March 22.
Livestock futures also fell on speculation that U.S. meat exports will shrink as the dollar rallies. The dollar fluctuated against a basket of six major currencies, after touching a 15-month high.
Packers “don’t want to ramp up the kill because there are big concerns going on about exports, with the rising dollar,” said Jason Golly, a vice president of risk-management marketing at Lynch Livestock Inc. in Waucoma, IA. “There’s uncertainty of what tomorrow is going to bring, so a long position is not the place to be.”
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