U.S. livestock: Cattle fall sharply as Trump says he's working to lower beef costs

Chicago cattle futures fell sharply on Friday after U.S. President Donald Trump mentioned his administration was working to decrease the price of beef.

“We’re engaged on beef, and I believe we’ve got a deal on beef,” Trump informed reporters on the White Home on Thursday.

“No specifics had been launched on any plan, although the market is taking a threat off method,” wrote analyst Austin Schroeder.

U.S. grains: Corn, soybeans rise on yield uncertainty, firming cash markets

U.S. corn futures extended gains into a fourth session on Friday and posted the first weekly rise in a month as slow farmer sales of newly harvested grain and reports of lower-than-expected harvest yields supported the market.

Most-active December dwell cattle closed at 241.825 cents per pound, down 6.050 cents a pound. February dwell cattle cattle had been down 6.725 cents to settle at 242.825 cents a pound.

Most-traded November feeder cattle contracts closed at 371.700 cents a pound, down 9.250 cents a pound. January feeders settled at 369.300 cents a pound, down 9.250 cents.

Selection boxed beef closed at $366.77 per cwt, up $0.66. Choose boxed beef was valued at $350.27 per cwt, up $1.34.

December lean hog futures fell by 0.225 cents to shut at 82.375 cents a pound whereas February contracts settled at 84.775 cents a pound, down 0.325 cents.

The USDA reported pork carcass cutout worth at $102.70 per cwt, up $0.53.