Chicago Mercantile Exchange cattle futures continued to slide on Thursday after Wednesday’s fall from highs.
Yesterday, a technical correction and profit taking brought an end to five days of gains.
Most active April live cattle settled at 201.500 cents per pounds, down 3.450 cents from yesterday. Second-most active June futures fell 2.975 cents to 195.775 cents a pound.
Most active April feeder cattle closed at 272.325 cents per pound, down 2.275 cents. May feeders settled at 270.300 cents per pound, down 2.675 cents.
Choice boxed beef was valued at $327.48 per cwt in the USDA’s afternoon report. That’s a $3.06 loss from Wednesday. Select boxed beef was down $4.77 per cwt to $315.90.
Read Also
U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
The U.S. cattle herd has been constrained by cold temperatures, which slow weight gain. A continuing ban on imports from Mexico after a confirmed case of New World screwworm has further tightened supplies.
Lean hogs ended the day with slight gain. Most active April Lean hog futures settled at 91.600 cents per pound, up 0.275 cents. February lean hogs closed at 84.375 cents per pound, up 0.475 cents.
Estimated pork primal cutout values were reported at $92.93 per cwt for carcasses, down $0.38.
Traders have been waiting to see if U.S. President Donald Trump will impose tariffs on imports from Canada and Mexico on Feb. 1. Mexico is one of the largest importers of U.S. pork, especially hams.
—With files from Reuters
