Chicago cattle futures slid for the second consecutive day on Wednesday while hog futures continued to climb.
Most active August live cattle contracts settled at 208.175 cents a pound, down 1.125 cents. June live cattle closed at 213.925 cents a pound, down 1.200 cents.
Most active August feeder cattle futures closed at 295.625 cents a pound for a loss of 2.525 cents while September feeders lost 2.775 cents to settle at 294.475 cent per pound.
Choice boxed beef jumped by $3.57 to end the day at $365.42 per cwt, the USDA reported. Select boxed beef settled at $351.74 per cwt, up $0.91.
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Chicago Mercantile Exchange cattle futures dipped on Tuesday as gains fueled by tight cattle supplies and strong demand faded amid concerns that high beef prices and cooling weather could soon affect retail meat sales, analysts said.
Most active July lean hogs closed at 103.300 cents a pound, up 1.150 cents. August lean hog contracts closed at 103.525 cents per pound, up 1.350 cents.
Pork carcass cutout value at at $101.08 per cwt, down $1.24, the USDA said in its afternoon report.
A mission representing the USDA will travel to Mexico in the coming days, Mexico’s agriculture ministry said on Tuesday, and could then lift its suspension of Mexican cattle imports.
The U.S. will also provide $21 million to renovate a plant in southern Mexico to boost production of sterile screwworm flies, the USDA said, which will reduce the mating population of the wild flies.
The USDA cautioned that the current import restrictions remain in place and that it will re-evaluate them every 30 days.
—With files from Reuters. Prices reported in U.S. dollars.
