Chicago cattle futures fell sharply on Friday after U.S. President Donald Trump said his administration was working to lower the cost of beef.
“We are working on beef, and I think we have a deal on beef,” Trump told reporters at the White House on Thursday.
“No specifics were released on any plan, though the market is taking a risk off approach,” wrote analyst Austin Schroeder.
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Most-active December live cattle closed at 241.825 cents per pound, down 6.050 cents a pound. February live cattle cattle were down 6.725 cents to settle at 242.825 cents a pound.
Most-traded November feeder cattle contracts closed at 371.700 cents a pound, down 9.250 cents a pound. January feeders settled at 369.300 cents a pound, down 9.250 cents.
Choice boxed beef closed at $366.77 per cwt, up $0.66. Select boxed beef was valued at $350.27 per cwt, up $1.34.
December lean hog futures fell by 0.225 cents to close at 82.375 cents a pound while February contracts settled at 84.775 cents a pound, down 0.325 cents.
The USDA reported pork carcass cutout value at $102.70 per cwt, up $0.53.
