U.S. livestock: Cattle futures drop Friday
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The Canadian Cattle Association argues that U.K. beef imports to Canada have surged, but regulatory issues have kept Canadian beef trade from growing the other direction. Photo: Canada Beef
Cattle futures on the Chicago Mercantile Exchange fell from nearby highs Friday, with profit-taking to end the week weighing on values. U.S. markets will be closed Monday for Martin Luther King Jr. Day.
- The February live cattle contract lost 3.900 cents per pound at 232.150 cents. Feeder cattle were down 8.100 cents in the March contract at 356.450 cents per pound.
- Tight cattle supplies in the U.S. and expectations for rising beef demand should remain supportive for cattle prices going forward, said analysts.
- Mexico confirmed eight new cases of New World screwworm near the Texas border.
- The USDA reported wholesale boxed beef prices were higher, with choice boxes up $1.61 at $362.38 per hundredweight and select boxes up $0.48 at $360.19/cwt.
- Lean hog prices were up 0.475 cents per pound in the February contract at 88.275 cents per pound. Rising carcass cutout prices were tied to the strength.
