Cattle and hog futures at the Chicago Mercantile Exchange went in opposite directions on Tuesday as United States President Donald Trump imposed tariffs on Canadian, Mexican and Chinese goods.
In retaliation, Canada announced it will immediately impose tariffs on C$30 billion worth of American imports, while China placed 10 per cent tariffs on U.S. beef and pork.
The April live cattle contract saw its biggest one-day gain since Jan. 28, gaining 2.400 U.S. cents per pound to end Tuesday at 194.650. However, earlier in the day, the contract fell below 190 cents/lb. for the first time since Dec. 26.
The April feeder cattle contract saw its lowest level since Feb. 21 at 267.025 cents/lb., but later erased its Tuesday losses to gain 0.450 cents at 272.500.
The U.S. Department of Agriculture reported rising wholesale boxed beef prices on Tuesday afternoon, with choice boxes up 92 cents at $314.85 per hundredweight and select boxes up $1.61 at $304.02.
April lean hogs lost 1.350 cents/lb. at 82.350, but not before falling to its lowest point since Sept. 17 at 80.725.
