US cattle and hog futures fall ahead of July 4 holiday

Live cattle futures on the Chicago Mercantile Exchange slipped around $2.60 per pound, closing at $239.22 for August contracts and $2.43 for October contracts. Feeder cattle also fell, with August contracts down $3.53 to $360.63 per pound. The declines were linked to lower boxed beef values, hot weather and expectations of a seasonal slowdown in demand as the Independence Day holiday approaches.

In contrast, lean hog futures edged higher, with August contracts up $1.70 to $98.75 per pound. Beef packer margins remain deeply unprofitable, with estimated losses of about $295 per head, worsening the pressure on the market. The USDA also reported a sudden spike in export sales, which some traders view as excessive.

Markets will be closed on Friday in observance of the July 4 holiday.