U.S. livestock: Cattle futures fall on expectations of US agriculture secretary announcement

Chicago | Reuters – Chicago Mercantile Trade cattle futures fell on investor expectations that U.S. Agriculture Secretary Brooke Rollins may announce a re-opening of the border with Mexico for cattle imports in a speech in Oklahoma on Friday.

The U.S. is at the moment closed to cattle imports from Mexico due to an infestation south of the border of the flesh-eating New World screwworm parasite, which lays eggs in animal wounds.

The closure has contributed to tight cattle provides and excessive beef costs in the USA.

Agrichemicals firm Corteva explores splitting seed and pesticide units, WSJ reports

U.S. agrichemicals company Corteva is exploring a breakup that would separate its seed and pesticide businesses into two separate companies,…

However in her statements after the markets closed, Rollins didn’t lay out any plans for a border re-opening.

“Each time she speaks about this, I suppose we’re going to undergo a panic,” mentioned Cassie Fish, analyst and creator of the Beef weblog.

Fish mentioned there was additionally some seasonal weak point in money cattle costs, which is regular on the finish of the summer time grilling season, however that was much less of a consider at present’s sell-off.

CME October dwell cattle futures LCV25 ended 2.300 cents decrease at 229.975 cents per pound. Feeder cattle additionally fell, with the October contract FCV25 ending down 6.55 cents at 345.80 cents per pound.

The USDA mentioned the wholesale alternative boxed beef worth fell $0.75 to $400.04 per hundredweight on Friday afternoon. The choose cutout fell $1.51 to $378.44 per cwt.

October lean hog futures LHV25 ended 1.05 cents decrease at 97.125 cents per pound.