Amid concerns about rising feed costs as soybean, wheat and corn futures soared, CME Group cattle futures fell.
CME Group cattle futures fell on Wednesday because of the concerns about rising feed costs as soybean, wheat and corn futures soared, Reuters reported.
Fund selling also weighed on the cattle market.
The most-active June live cattle futures contract has closed lower for five days in a row after setting a fresh high during the session on April 8. Hog futures firmed on technical selling and good export prospects.
Source: CME Group
The benchmark June lean hogs contract rose 1.5 cents to 107.675 cents per lb. The contract rose above its 10-day moving average.
The U.S. Department of Agriculture reported the pork carcass cutout value on Tuesday afternoon at $110.09, down $2.40 from Tuesday.
CME June live cattle dropped 0.725 cent to 120.2 cents per pound, falling below its 40-day and 50-day moving averages and touching its lowest in three weeks during the session.
May feeder cattle futures fell 1.625 cents to 145.7 cents per pound, hitting their lowest since March 23. The contract found technical support at its 100-day moving average.