Sept. 9 (Bloomberg) -- Cattle futures dropped for the fifth time in six sessions on signs of lower demand for beef from U.S. supermarkets. Hog prices fell, snapping the longest rally in 15 months.
In the wholesale market, beef fell 0.4 percent today to a three-week low of $1.945 a pound, more than double the price of pork, U.S. Department of Agriculture data showed.
“Beef is fighting against cheaper competing meats at the supermarket counter,” Darrell Holaday, the president of Advance Market Concepts in Wamego, Kansas, said in a telephone interview. “Beef demand is a little sluggish.”
Cattle futures for October delivery declined 0.3 percent to close at $1.2535 a pound at 1 p.m. on the Chicago Mercantile Exchange. The price reached a record $1.35175 on Jan. 11.
Feeder-cattle futures for October settlement rose less than 0.1 percent to $1.5805 a pound.
Hog futures for October settlement fell less than 0.1 percent to 90.875 cents a pound. The price climbed in the previous six sessions, the longest rally since June 2012. The commodity has gained 6 percent this year.
--Editors: Patrick McKiernan, Thomas Galatola