U.S. livestock: Cattle futures slide under pressure from weak cash prices

Chicago | Reuters – Chicago Mercantile Change dwell cattle and feeder cattle futures tumbled underneath strain from weak point within the money market on Wednesday, merchants mentioned.

Lean hog futures rebounded after sliding on Tuesday to their lowest degree in about seven months.

Within the money market, cattle traded at principally $228 per hundredweight in southern areas final week, down $3 from the prior week. Costs fell by one other $4 or so on Wednesday, a dealer mentioned.

ICE Canada Weekly: Canola likely to remain rangebound

Canadian canola futures are poised to slip back in the short term, although the oilseed could climb slowly higher in the long term, said Jamie Wilton, trader with R.J. O’Brien in Winnipeg, Man.

CME February dwell cattle futures LCG26 closed down 3.6 cents at 217.250 cents per pound. January feeder cattle futures FCF26 dropped 4.6 cents to shut at 321.450 cents per pound.

The markets remained unstable after U.S. President Donald Trump mentioned in current weeks that beef costs wanted to say no to ease monetary burdens on shoppers. On Friday, Trump rolled again tariffs on greater than 200 meals merchandise, together with beef.

Beef costs set information this yr as U.S. cattle provides have dwindled to their lowest degree in many years after a years-long drought burned up pasture lands and hiked feeding prices.

U.S. Agriculture Secretary Brooke Rollins mentioned in a NewsNation Dwell interview that she attended her fourth assembly on cattle and beef on the White Home on Wednesday. The administration in January will launch a $100 million marketing campaign to advertise American beef as it’s working to deliver costs down, she mentioned.

Merchants had been ready for the U.S. Division of Agriculture to problem a Cattle on Feed report on Friday, after the company didn’t launch the month-to-month report in October because of the federal authorities’s shutdown. Analysts estimated the stock of cattle on feed in U.S. feedlots on November 1 was down 2.2% from a yr earlier.

Within the hog market, CME February futures LHG26 completed up 1 cent at 79.025 cents per pound. The contract bounced after dropping on Tuesday to its lowest worth since April 24.