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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Cattle futures drop amidst increasing supplies

Jan 24, 2011 01:03 PM

Indications of greater supplies of beef caused cattle futures to slip for the first time in 14 days as hog futures also dipped, Bloomberg reports.

December's dry pastureland influenced ranchers to sell young cattle, which increased 16 percent during the month. Prices last week notched a record amidst speculation that demand for meat exports from the U.S. will rise.

"The increase in placements doesn't present any supply shortage for the near term," David Kruse, president of CommStock Investments Inc. in Royal, Iowa, told Bloomberg.

Shortly after 1:30 p.m. on Monday, cattle futures were down 0.925 cents, a 0.82 percent reduction to $1.1175 per pound. At the same time, hog futures also were down 0.15 cents, a 0.17 percent reduction to $86.425 per pound.

Prior to Monday, hog futures for April delivery increased 19 percent during the past year.

Immediate-delivery steer averaged $1.0581 per pound on Monday through Thursday of last week, representing a 1.8 percent decrease from the same days one week prior.

Early last week, cattle futures notched $1.166, representing the highest value since the contract began trading in 1964.

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