CHICAGO, Nov 6 (Reuters) - Live cattle futures dropped to their lowest level in more than a week at the Chicago Mercantile Exchange on Monday on concerns about the risk for easing demand for U.S. beef.
Feeder cattle futures also declined, while lean hog futures ended higher.
Lower-than-expected cash cattle prices last week contributed to uncertainty over consumer demand, traders said.
Cash cattle last week traded at about $185 per cwt in Kansas, Texas and Nebraska, which was generally about steady from the previous week. Traders had been expecting higher cash prices.
Cash and futures prices for cattle had climbed this year after producers reduced the size of the U.S. herd to its lowest in decades.
"It seems to me that the mood has shifted away from the bullish supply side data and more towards the demand side of the equation, which many believe is going to suffer due to the higher price of beef and perhaps fears of recession," said Dan Norcini, an independent livestock trader.
CME December live cattle futures settled 2.550 cents lower at 181.325 cents per pound, and February live cattle ended 3.250 cents lower at 181.975 cents. Both contracts hit their lowest prices since Oct. 27.
January feeder cattle settled 3.325 cents lower at 236.425 cents per pound.
Wholesale beef prices declined. The U.S. priced select cuts of beef at $270.36 per cwt, down $1.65, and choice cuts at $301.72 per cwt, down $0.62.
In the wholesale pork market, the government priced pork carcasses on at $91.61 per cwt, up $4.33, as belly prices soared.
CME December lean hog futures settled 0.650 cent higher at 72.400 cents per pound. (Reporting by Tom Polansek; Editing by Krishna Chandra Eluri)
