Most Chicago lean hog futures slid on Thursday as the U.S. Department of Agriculture reported China had canceled 12,000 metric tons of U.S. pork exports in the week ending April 17.
“The cancellation was definitely due to the tariffs and trade war with China,” consultant Dennis Smith told the Wall Street Journal.
He added that China typically imports low value pork products, including feet and offal, so the markets reaction to the news may have eased as the trading day continued.
Most active June lean hog contracts closed at 99.925 cents per pound, down 0.225 cents. July lean hogs lost 0.250 cents to settle at 100.050 cents per pound. May lean hog contracts gained 0.075 cents to close at 91.950.
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The USDA reported pork carcass cutout value at $95.86 per cwt, up $1.78.
Most active June live cattle contracts slipped 0.100 cents to close at 208.000 cents. August live cattle gained 0.225 cents per pound to settle at 204.100 cents.
Most active August feeder cattle futures closed at 292.700 cents per pound, up 0.525 cents. May feeders closed at 289.075 cents, up 0.725 cents.
Choice boxed beef ended the day at $333.70 per cwt, up $1.73 while select boxed beef closed at $316.35 per cwt, up $1.83 according to the USDA’s afternoon report.
