Live and fed cattle futures on the Chicago Mercantile Exchange backed away from their contract highs on Wednesday, as chart-based positioning weighed on values.
Overbought technical signals accounted for some of the selling pressure, although the general uptrend in cattle futures remains intact.
The April live cattle contract posted losses for the first time in six sessions, losing 2.325 cents per pound at 204.950 cents.
March feeder cattle futures were down by 2.975 cents per pound at 275.275 cents per pound.
The U.S. Department of Agriculture reported wholesale boxed beef prices were weaker Wednesday morning, with choice boxes down $1.68 at $330.77 per hundredweight and select boxes down $1.61 at $320.35.
The U.S. Department of Agriculture’s annual cattle on feed report will be released Friday, with average trade guesses calling for a decline in U.S. cattle numbers.
Lean hog prices were mixed, with the April contract up 0.425 cents per pound at 91.325 cents.
