U.S. livestock: Cattle futures drop on Trump call for lower prices

Cattle futures on the Chicago Mercantile Alternate dropped sharply on Wednesday, reacting to feedback from United States President Donald Trump calling on the cattle sector to decrease costs.

The December reside cattle contract misplaced 5.600 cents per pound on Wednesday, at 239.825 cents. Feeder cattle have been down their every day restrict of 9.250 cents per pound in most months, with the November contract at 364.225 cents per pound and January at 361.025 cents per pound.

Trump claimed on social media that U.S. ranchers have been benefitting from tariffs and urged them to “get their costs down.”

The U.S. Division of Agriculture reported wholesale boxed beef costs have been combined, with alternative bins down $1.28 at $370.65 per hundredweight and choose bins up $1.04 at $353.61/cwt.

The continued shutdown of the US authorities will possible delay the publication of month-to-month cattle on feed knowledge scheduled to come back out on Friday. Nonetheless, market expectations are for a decline in placements on the 12 months.

Lean hog costs have been decrease, with the December contract down 0.875 cents at 82.400 cents per pound.

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