LIVESTOCK-Cattle futures sink on technical selling
CHICAGO, Aug 28 (Reuters) - Chicago Mercantile Exchange cattle futures fell on Thursday on technical selling after live and feeder cattle futures hit contract highs in the previous day.
CME October live cattle futures LCV25 fell 2.6 cents to settle at 236.925 cents per pound. September feeder cattle FCU25 dropped 3.60 cent to settle at 361.80 cents per pound.
"We were heavily overbought and then we faded off and saw more weakness today," Matthew Wiegand, broker at FuturesOne, said.
A historically low supply of cattle, which has been further constrained by the closure of the U.S.-Mexico border to feeder cattle imports due to the spread of screwworm fueled a rally in cattle futures the previous week.
The choice boxed beef cutout value was up $2.57 at $414.41 per hundredweight, according to USDA data on Thursday afternoon. The select beef cutout was down $1.87 at $385.84 per hundredweight.
Pork inventories were also low, driving up futures prices.
CME October lean hogs LHV25 rose 0.375 cent to settle at 94.275 cents per pound.
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