By Reuters News Service, May 24, 2016
CHICAGO, May 24 (Reuters) – Chicago Mercantile Exchange live cattle futures slumped for a second straight session on Tuesday, pressured by follow-through selling and potentially softer cash prices later this week, traders said.
June live cattle closed down 0.150 cent per lb at 118.000 cents, and August ended 1.275 cents lower at 113.175 cents.
Futures will trade their normal 3.000-cent daily price limit on Wednesday after failing to settle down the expanded 4.500-cent limit on Tuesday.
“Product isn’t doing well, futures are down again and plants are closed on Memorial Day. It doesn’t look good for the cattle guys,” a trader said.
