Cattle futures took another step down on Friday, unable to build upon gains established a day earlier. Along with the overall bearish bent tied to larger beef supplies, pressure came from China placing pork on a list of U.S. products that could be subject to increased import duties. That was in response to President Trump’s Executive Memo calling for tariffs on up to $60 billion worth of Chinese imports, in retaliation for intellectual property theft by that nation. The monthly Cattle on Feed report (see below) will likely add more pressure to start the week.
Live Cattle futures closed an average of $1.91 lower through the front three contracts, an average of 87¢ lower through the next three and then an average of 38¢ lower.
Feeder Cattle futures closed an average of $1.74 lower ($1.22 to $1.95 lower).
Choice boxed beef cutout value was $2.12 lower Friday afternoon at $223.09/cwt. Select was $1.62 lower at $216.40.
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