Live and fed cattle futures on the Chicago Mercantile Exchange were lower on Tuesday as the selloff continued.
A report said the managed funds were liquidating their long positions.
The dust-up over the United States imposing tariffs on Canada and Mexico was settled for now, with the countries agreeing to a 30-day delay. However, the Trump administration pressed ahead with tariffs on China and the latter countered with their own levies.
The April live cattle contract closed below 200 cents, as it gave up 1.500 cents per pound at 198.650 cents.
March feeder cattle futures was down 2.250 cents per pound at 268.250 cents per pound.
The U.S. Department of Agriculture reported wholesale boxed beef prices were lower Tuesday afternoon, with choice boxes stepping back $1.26 at $330.73 per hundredweight and select boxes down $2.43 at $317.41.
Lean hog prices turned around on Tuesday from yesterday’s limit-down loss that was due to the U.S. tariff threat to Canada and Mexico. Today, the April contract climbed 3.400 cents per pound at 89.750 cents as pork was omitted from China’s new tariffs on the U.S.
