Chicago | Reuters – Chicago Mercantile Exchange cattle futures fell on profit-taking on Thursday, though hopes for the border reopening to Mexican cattle imports have also put a damper on prices.
On Tuesday, the U.S. Food and Drug Administration announced it had approved Dectomax-CA1, an injectable anti-parasitic medication, to prevent and treat screwworm in cattle.
However, Mexico saw a nearly 32 per cent increase in confirmed screwworm cases, according to the latest monthly government data, as a concentration of cases moves north.
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“It’s starting to weigh on feeder cattle,” Karl Setzer, partner at Consus Ag, said.
CME December live cattle LCZ25 fell 1.025 cents to end at 233.475 cents per pound. CME November feeder cattle FCX25 fell 5.2 cents to end at 352.40 cents per pound.
CME December hogs LHZ25 closed 0.225 cent lower to end at 86.675 cents per pound. A lack of buying interest has weighed on lean hog futures.
Wholesale beef prices have mostly continued a seasonal decline. The U.S. Department of Agriculture reported choice cuts of beef fell by $5.37 to end at $363.10 per hundredweight as of Thursday morning. Select cuts fell by $2.36 to $344.53.
Commodity markets may be left without further USDA data in the coming days after a U.S. government shutdown started on Wednesday, amid political deadlock over short-term funding measures.
