US: February lean hog futures settle lower on the CME

Published 2024년 12월 17일

Tridge summary

CME live and feeder cattle futures have fallen due to the anticipated resumption of Mexican cattle imports to the US after a suspension caused by the discovery of New World screwworm. The US Department of Agriculture announced that imports are likely to resume after the New Year. The decline in futures is also attributed to investors booking profits ahead of the year's end. Despite this, strong wholesale beef and pork values, along with the possibility of import tariffs from a potential second Trump administration, are supporting the futures.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Chicago Mercantile Exchange (CME) live and feeder cattle futures fell on Monday as market players digested news that Mexican cattle imports to the US will likely resume in the New Year, Reuters reported, citing traders. Mexican cattle shipments were suspended last month due to the discovery of New World screwworm in southern Mexico. The US Department of Agriculture (USDA) late on Friday said shipments will likely resume after the New Year, walking back previous comments that it could restart Mexican cattle imports before year-end holidays. "The trade is saying it's bearish news because a second USDA official said they'll open up imports," Rich Nelson, director of research at Allendale, said. February live cattle ended 2.050 cents lower to settle at 189.975 cents per pound. CME January feeder cattle settled 2.100 cents lower at 255.550 cents per pound. Maggots from screwworm flies burrow into the skin of living animals, causing serious and often fatal damage, and the US is working ...

Source: Thepigsite