Live cattle futures on the Chicago Mercantile Exchange were stronger on Monday, taking back some of Friday’s losses amid ideas the declines were overdone.
Cattle futures posted limit-down losses on Friday following comments from United States President Donald Trump that he would lower beef prices. Trump also said over the weekend that beef purchases from Argentina were a possibility.
The December live cattle contract gained 1.825 cents per pound on Monday, at 243.650 cents.
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The feeder cattle market was mixed on the day. The nearby November contract was up 0.975 cents per pound at 372.675 cents per pound. However, the more deferred months were lower, with January down 0.125 cents at 369.175 cents per pound.
The U.S. Department of Agriculture reported wholesale boxed beef prices were up on the day, with choice boxes $2.41 higher at $369.18 per hundredweight and select boxes up $3.19 at $353.46/cwt.
Lean hog prices were mixed, with the December contract down 0.300 cents at 88.950 cents per pound.
Pork production in China was up seven per cent in the third quarter compared to a year ago, at 13.48 million tonnes, according to Chinese government data.
