Live and fed cattle futures on the Chicago Mercantile Exchange were weaker on Monday, continuing the downtrend that started with United States reciprocal tariffs and China’s retaliatory measures.
Furthermore, on Monday, U.S. President Donald Trump upped those levies on China from 34 per cent to now 50 per cent should China not drop their 34 per cent levies on the U.S.
The June live cattle contract lost 4.025 cents at 194.175 cents per pound.
May feeder cattle futures dropped 3.600 cents at 271.275 cents per pound.
Despite the above losses, the USDA reported wholesale boxed beef prices were higher on Monday afternoon, with choice boxes up $1.05 at $339.50 per hundredweight and select boxes added $2.12 at $319.30.
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Last week’s federally inspected cattle slaughter tallied 591,000 head, down 16,000 from the previous week.
The U.S. Federal Trade Commission reported Commitment of Traders data as of April 1 increased the net long in live cattle by 4,885 contracts, bringing it to 142,777. On feeder cattle, the net long stepped back by 763 contracts from a record 33,369.
Lean hog prices were lower on Monday with the June contract down 1.500 cents at 90.050 cents per pound.
The USDA reported last week’s federally inspected hog slaughter came to 2.52 million head, down 40,000 from the previous week.
The Commitment of Traders report said the net long on lean hog futures added 3,963 contracts at 55,326.
