Chicago Mercantile Exchange feeder cattle ended the day stronger as another case of New World screwworm was found in Mexico.
The USDA said today it won’t restrict cattle imports from Mexico despite the latest case of New World screwworm. However, the discovery pushed up feeder cattle futures as some traders anticipated imports might be halted.
Feeder cattle posted gains with most active March feeders settling at 269.725 cents per pound, up 3.375 cents. April feeder cattle closed at 269.100 cents per pound, up 2.675 cents.
The USDA said on February 1 it would lift the ban it imposed in November under new protocols to assess the health of animals before they enter the U.S. from Mexico.
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“The comprehensive pre-clearance inspection and treatment protocol is now in place and will ensure safe movement of cattle and bison into the United States and mitigate the threat of New World screwworm,” the USDA said.
Most active April live cattle futures settling at 194.025 cents a pound for a loss of 0.225 cents. August live cattle settled at 188.825 cents per pound, up 0.050 cents.
Choice boxed beef ended the day at $315.77 per cwt, up $0.07. Select boxed beef lost $2.52 cents to close at $303.71, as per the USDA’s afternoon report.
Chicago Mercantile Exchange hog futures ended the day stronger, continuing a general upward trend from early February.
Most active April lean hogs settled at 93.200 cents per pound, up 0.600 cents. June lean hogs closed at 105.250 cents per pound, up 0.575 cents.
The USDA reported pork carcass cutout values at $99.47 per cwt at end of day, down $3.00 per cwt.
—With files from Reuters
