Live and fed cattle futures on the Chicago Mercantile Exchange were largely mixed on Tuesday, not quite able to fully join the upswing in the futures and equities markets.
United States President Donald Trump is determined to add another 50 points to its tariffs on the country’s imports from China. Together with previous and current duties, that would bring the total levies China is facing to 104 per cent. Trump stated tomorrow’s increase would be cancelled, if China cancelled its 34 per cent tariffs on its U.S. imports.
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Feed Grains Weekly: Price likely to keep stepping back
As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
The June live cattle contract dropped 0.550 of a cent at 193.625 cents per pound.
May feeder cattle futures gained 0.450 of a cent at 271.775 cents per pound.
The USDA reported wholesale boxed beef prices were either side of unchanged on Tuesday afternoon, with choice boxes slipping $1.40 at $338.10 per hundredweight and select boxes rose $2.76 at $322.06.
Monday’s federally inspected cattle slaughter tallied 108,000 head, up 4,000 from the previous Monday.
Lean hog prices were mostly lower on Tuesday with the June contract giving up 0.275 of a cent at 89.775 cents per pound.
The USDA reported Monday’s federally inspected hog slaughter was 488,000 head, an increase of 24,000 from a week ago.
