Chicago cattle futures fell on Tuesday as an unconfirmed report of a case of New World screwworm led to a sell-off.
A Missouri radio station reported a case of the parasite but later scrubbed the story from its website. RFD-TV on its website posted a statement from the USDA calling the report “not true.”
Markets rebounded as the day went on.
Most active August live cattle settled down 1.150 cents at 209.300 cents per pound. They had bottomed out at 206.375 cents earlier in the day. June live cattle closed at 215.125 cents a pound, down 0.675 cents.
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U.S. livestock: Cattle futures slip on demand concerns as beef prices turn lower
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 August feeder cattle contracts settled at 298.150 cents a pound, a loss of 2.225 cents. Earlier in the day it hit a low of 293.050 cents.
Choice boxed beef inched up $0.30 to settle at $361.85 per cwt, the USDA said in its afternoon report. Select beef lost $0.49 to close at $350.83 per cwt.
Hog futures, meanwhile, saw modest gains. Most active July lean hogs settled at 102.150 cents a pound, up 0.600 cents. August lean hogs gained 0.900 cents to close at 102.175 cents a pound.
The USDA put pork carcass cutout value at $103.73 per cwt, up $2.27.
—Prices reported in U.S. dollars
