Live and fed cattle futures on the Chicago Mercantile Exchange stepped back on Monday, moving further away from highs reached in late January.
Tariffs to be imposed by United States President Donald Trump dominated the early trade. The markets came away from Monday’s lows after Mexican President Claudia Sheinbaum said she would deploy 10,000 National Guard troops with Trump indicating he will delay any tariffs on Mexico until March 1.
Meanwhile Trump will discuss tariffs with Canadian Prime Minister Justin Trudeau this afternoon. A conversation between the two leaders this morning did not produce any firm results. Trudeau said over the weekend Canada would retaliate with 25 per cent tariffs on a wide variety of U.S. imports.
Read Also
U.S. grains: Corn futures lower as farmers sell, soy choppy
Chicago corn futures ticked lower on Tuesday on selling pressure as soybeans chopped up and down, though expectations of a bumper U.S. harvest limited the upside in prices, analysts said.
The April live cattle contract still gave up 2.150 cents per pound at 200.150 cents
March feeder cattle futures lost 5.225 cents per pound at 270.500 cents per pound.
The U.S. Department of Agriculture reported wholesale boxed beef prices were higher Monday morning, with choice boxes climbing $3.55 at $331.23 per hundredweight and select boxes rising $3.74 at $320.81.
Lean hog prices were mostly lower on Monday, with the April contract down limit 4.000 cents per pound on Monday at 86.350 cents.
