Cattle futures on the Chicago Mercantile Exchange were mixed on Thursday, after dropping sharply the previous session.
The December live cattle contract was up by 1.350 cents per pound at 241.175 cents. However, more deferred months were lower. Feeder cattle saw a continuation of Wednesday’s selloff, with the November contract down 2.775 cents at 361.450 cents per pound and January down 3.600 cents at 357.425 cents per pound.
The U.S. announced plans to quadruple imports of beef from Argentina, which would lower domestic beef prices and cut into cattle prices. However, the government also announced measures to support domestic beef production, including making it easier to graze cattle on federally owned land.
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The U.S. Department of Agriculture reported wholesale boxed beef prices were higher, with choice boxes up $2.49 at $373.14 per hundredweight and select boxes up $1.13 at $354.74/cwt.
The ongoing shutdown of the United States government will likely delay the publication of monthly cattle on feed data scheduled to come out on Friday. However, market expectations are for a decline in placements on the year.
Lean hog prices fell on increased slaughter numbers coupled with a seasonal slowdown in pork demand. The December contract was down 0.625 cents at 81.775 cents per pound.
