Cattle futures continued to sink Wednesday, and brokers expect the decline to continue, at least for the near term.
February live cattle futures skidded .80 cents per pound, closing Wednesday at 90 cents. During the last two weeks cattle futures have dropped a little more than 6 cents, or nearly 7 percent.
“Obviously we’re being driven down by grains,” said Gary Lark, an independent trader in Chicago at the CME Group Inc. “Cattle tried to rally on internal news, but it couldn’t sustain and it came down under its own weight.”
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