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On Thursday, limits for live cattle increased to $10.75 and $13.75 for feeder cattle. Live cattle futures closed down $4.62 at $239.050, with cash trade seeing light activity at $239-240. The Fed Cattle Exchange auction had no sales from the 1,646 head offered.
President Trump emphasized the need for cattle producers to lower prices, impacting market sentiment. Reports indicate he plans to purchase 80,000 metric tons of beef from Argentina, four times the usual quota. Additionally, the USDA announced initiatives to expand the U.S. cattle herd by increasing grazing land.
USDA’s Wednesday cattle slaughter was estimated at 118,000 head, with a weekly total of 327,000, down by 19,000 head from last week and 41,923 from the same week last year. The CME Feeder Cattle Index dropped by 99 cents to $372.00.
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