Cattle futures on the Chicago Mercantile Exchange were lower on Monday, retreating from early gains as the livestock markets found themselves caught up in the broad weakness triggered by threats from United States President Donald Trump to remove Federal Reserve chair Jerome Powell.
August feeder cattle futures were down by 1.725 cents per pound at 289.150 cents per pound.
The June live cattle contract lost 0.325 cents per pound at 203.750 cents at the close.
Cattle on feed data released after Thursday’s close showed placements in the U.S. were up five per cent in March compared to the same month a year ago, although cattle on feed inventories in the country as of April 1 at 11.638 million head was down 1.59 per cent on the year.
The U.S. Department of Agriculture reported wholesale boxed beef prices were stronger on Monday, with choice boxes up $2.00 at $333.52 per hundredweight and select boxes up $3.22 at $318.77.
Lean hog prices were steady, with the June contract up 0.025 cents per pound at 98.050 cents.
