Chicago Mercantile Exchange (CME) live and feeder cattle futures tipped lower on Thursday as falling wholesale boxed beef prices and long liquidation pressured the market, Reuters reported, citing analysts.
A decline in boxed beef prices has made meatpackers, whose margins continue to remain in the red, less willing to pay up for cattle.
"The packers are less likely to make money, so they're not going to be out there looking to buy cattle and that will sap some demand," said Altin Kalo, economist at Steiner Consulting.
Meanwhile, some market players are exiting their long positions ahead of the end of the year and following a sustained rally.