CME feeder cattle futures slump on hot weather, grain prices

CME August feeder cattle futures fell 2.45 cents to settle at 349.55 cents per pound as hot weather and rising grain prices weakened buyer interest in placing cattle on feed lots. Boxed beef prices declined, with choice cuts losing $3.19 to $366.91 per cwt, while meat packers posted losses of $217.65 per head. CBOT corn futures edged up to $4.75-1/4 a bushel, whereas soybean futures eased to $12.22-3/4 a bushel.