Chicago Mercantile Exchange (CME) cattle futures turned lower for a third session on Friday, as technical trading at one point sent the most-active August live cattle LCQ24 contract dipping to a two-week low.
Forecasts for a smaller Russian wheat harvest due to persistent drought and frost pushed prices to a 10-month high of $7.20 a bushel this week. But by Friday, traders were less concerned about how much relief the well-timed rains might give the country's crop, analysts said.
Poland has become a hotspot for protests that sprang up across Europe as farmers railed against cheap imports from the war-torn country, as well as restrictions placed on them by the EU's "Green Deal" to tackle climate change.
Chicago wheat futures turned lower for a second straight session on Thursday, falling from 10-month highs, as traders assessed whether rain forecast in parts of Russia would halt a rapid decline in harvest estimates for the world's top exporter.
Chicago Mercantile Exchange (CME) cattle futures turned lower for a second trading session on Thursday, even as the tight U.S. cattle supply and strength in the beef cutout values offered support, analysts said.
A third U.S. dairy worker tested positive for bird flu after exposure to infected cows, and was the first to suffer respiratory problems, U.S. officials said on Thursday.
Today European Union trade ministers agreed to impose prohibitive tariffs on cereals, oilseeds and derived products from Russia and Belarus from July 1, a move the bloc said would halt imports of these products.
Chicago wheat futures edged down on Wednesday as investors took profits after the recent rally and questions remained about whether forecasts for rain in Russia would stem a decline in harvest prospects in the world's biggest exporter.
Processor JBS said on Wednesday that Beijing blocked U.S. beef shipments from the company's plant in Greeley, Colorado, because traces of the feed additive ractopamine were identified in beef destined for China.
Chicago Mercantile Exchange (CME) cattle futures turned lower on Wednesday amid news that China has blocked U.S. beef exports coming from a JBS-owned plant in Colorado because traces of the feed additive ractopamine were identified in beef destined for China.