Livestock -futures -dewrugs resort in a technical sale

By Heather Schlitz Chicago, August 8 (Reuters) – Chicago Mercantile Exchange Feeder Cattle Futures dropped the limit on Friday and live livestock futures dropped on Friday as traders discussed profits after both markets reached contract heights during the previous two sessions. Resilient consumer demand for beef and a tight cattle stock has fueled the recent livestock futures gains. Retail Buy before Labor Day, a traditional timetable holiday, also added a boost to futures. Futures in October Live Cattle dropped 6.25 cents to 225,975 cents per pound. The futures in September lost 9.25 cents to finish at 349,625 cents per pound. October Hogs ends 0.25 cents lower at 90,675 cents per pound. “There’s no specific big news, we just bought a lot too much,” said Matthew Wiegand, broker at Futuresone. “It’s a big volume in a one -time market.” Meanwhile, a rally in wholesale prices has delayed, although meat packers have continued to reduce slaughter prices. According to the US Department of Agriculture, the choice of choosing the selection of the choices fell by 10 cents by 10 cents to $ 378.84 per hundred weight (CWT), while the selected cut -off of 1.34 dollars rose to $ 355.09 per CWT. Packers try to reduce losses, as margins remain deep in the red, with the USDA’s daily slaughter figures that have taken sharply from the same period a year ago. Although producers in the early stages of rebuilding their livestock herds after years of drought forced them to take out cattle, players in the industry are still awaiting concrete signs of shifting to reflect in USDA data. (Reporting by Heather Schlitz; Editing by Mohammed Safi Shamsi)