LIVESTOCK-Meat labeling news weighs on CME live cattle, hog futures
(Prices shown reflect settlements at 1:03 p.m. CT)
By Theopolis Waters
CHICAGO Dec 7 (Reuters) - Chicago Mercantile Exchange live cattle futures fell on Monday, partly led by the World Trade Organization's (WTO) ruling against the United States in a meat-labeling dispute, said traders.
Canada and Mexico may impose tariffs worth $1 billion onto U.S.-traded products, a WTO panel ruled on Monday, as the countries prepared to retaliate over the United States' meat-labeling rules.
Spot December closed 2.650 cents lower at 121.625 cents per lb, and February down 2.075 cents to 127.150.
Live cattle contracts were further pressured by tepid wholesale beef demand, last week's soft cash cattle prices and futures' recent technical-related selloff.
Last week, market-ready, or cash, cattle in the U.S. Plains sold as much as $3 per cwt lower than the prior week at $124 to $126.
Monday morning's wholesale choice beef price was up 10 cents per cwt from Friday to $202.70. Select cuts fell 97 cents to $190.52, based on U.S. Department of Agriculture data.
There are significantly less cattle for sale this week, but packers may have bought enough animals in advance of the Christmas and New Years holidays, a trader said. Continued...