Live and fed cattle futures on the Chicago Mercantile Exchange were stronger on Wednesday, after United States President Donald Trump announced he will pause his reciprocal tariffs for 90 days.
Trump said the suspension of the levies comes as more than 75 countries were set to negotiate trade with the U.S. or had not taken retaliatory action. However, Trump increased duties on China to 125 per cent from 104 per cent. Meanwhile, China will further raise their tariffs on the U.S. to 84 per cent.
The June live cattle contract advanced 4.750 cents at 198.375 cents per pound.
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May feeder cattle futures climbed 6.475 cents at 278.200 cents per pound.
The USDA reported wholesale boxed beef prices were lower on Wednesday afternoon, as choice boxes shed 24 cents at $337.86 per hundredweight and select boxes lost $1.45 at $320.61.
Tuesday’s federally inspected cattle slaughter was estimated at 122,000 head, for a slip of 1,000 from the previous Tuesday.
Lean hog prices were higher on Wednesday as the June contract stepped up 1.925 cents at 91.700 cents per pound.
The USDA reported Tuesday’s federally inspected hog slaughter amounted to 488,000 head for an increase of 23,000 from a week ago.
