U.S. Livestock Futures Slip From Fresh Peaks on Profit-Taking

--Cattle futures ease after climbing to recent highs

--Demand caution for historically pricy beef weighs on futures

--Hog futures pressured by selling across the livestock markets

By Kelsey Gee

CHICAGO--Livestock futures are mostly lower early in the session Thursday, pressured by profit-taking as traders trim bets prices will climb further after the cattle and hog markets rallied this week to recent peaks.

October live-cattle are down 1.7 cents to $1.5800 a pound at the Chicago Mercantile Exchange, after Wednesday surging to the highest intrasession price in history. Most-active feeder-cattle futures for October recently slid 1.15 cents to $2.2597 a pound.

Investors are booking profits after cattle futures surged to fresh intrasession highs Wednesday, which has also given way to technical selling, as market participants assess whether or not prices have carved out a new ceiling.

Concern that retailers and export buyers may scale back purchases of historically pricy wholesale beef has also restrained fresh gains in the cattle market.

"The market ran out of buyers willing to push prices higher, which causes people to get spooked and take risk off the table," said Troy Vetterkind, head of Vetterkind Cattle Brokerage in Thorp, Wis.

Traders also suspect that wholesale beef prices, too, may struggle to gain further ground, as, seasonally, demand for red meat typically eases after Labor Day weekend, a key U.S. sales period for burgers, steaks, and sausages.

Wholesale beef prices have traded sideways for much of the week, a sign that grocery stores and restaurants may be struggling to pass on the higher costs to consumers.

"I don't think packers have been able to sell beef [at prices] as high as they wanted to this week," said Mr. Vetterkind.

Hog futures are mostly lower, pressured by selling across the livestock markets. October hog futures recently fell 0.02 cent to $1.0707 cents a pound. December hogs are down 1.05 cents to 97.60 cents a pound.

Write to Kelsey Gee at [e-mail]

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