Chicago cattle futures fell on Tuesday as an unconfirmed report of a case of New World screwworm led to a sell-off.
A Missouri radio station reported a case of the parasite but later scrubbed the story from its website. RFD-TV on its website posted a statement from the USDA calling the report “not true.”
Markets rebounded as the day went on.
Most active August live cattle settled down 1.150 cents at 209.300 cents per pound. They had bottomed out at 206.375 cents earlier in the day. June live cattle closed at 215.125 cents a pound, down 0.675 cents.
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As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
Most active August feeder cattle contracts settled at 298.150 cents a pound, a loss of 2.225 cents. Earlier in the day it hit a low of 293.050 cents.
Choice boxed beef inched up $0.30 to settle at $361.85 per cwt, the USDA said in its afternoon report. Select beef lost $0.49 to close at $350.83 per cwt.
Hog futures, meanwhile, saw modest gains. Most active July lean hogs settled at 102.150 cents a pound, up 0.600 cents. August lean hogs gained 0.900 cents to close at 102.175 cents a pound.
The USDA put pork carcass cutout value at $103.73 per cwt, up $2.27.
—Prices reported in U.S. dollars
