Prices for wholesale-choice beef decreased the most in six weeks on Thursday as immediate-delivery steers lost 1.7 percent of their value as compared to one week ago, government data indicated.
"From a retail end, they've got what they think their needs are probably through both Christmas and New Year's at this point," Dick Quiter, an account executive at McFarland Commodities LLC in Chicago, told Bloomberg of customers buying beef. "My guess is they're not going to be overly aggressive."
Prices for wholesale beef fell on Thursday 0.8 percent to $1.6353 per pound, representing its largest fall since late October, according to the Agriculture Department.
Hog prices also slipped as futures for February settlement fell 0.75 cents, a percent decrease. Their settling price was 75.15 cents per pound as hog prices fell this week 1.9 percent, the most in six-plus weeks.
"Hog weights are still running well above year-ago levels," he said. "It'd be hard to get a big rally in the hog futures."
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