Cattle futures on the Chicago Mercantile Exchange dropped sharply on Wednesday, reacting to comments from United States President Donald Trump calling on the cattle sector to lower prices.
The December live cattle contract lost 5.600 cents per pound on Wednesday, at 239.825 cents. Feeder cattle were down their daily limit of 9.250 cents per pound in most months, with the November contract at 364.225 cents per pound and January at 361.025 cents per pound.
Trump claimed on social media that U.S. ranchers were benefitting from tariffs and urged them to “get their prices down.”
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The U.S. Department of Agriculture reported wholesale boxed beef prices were mixed, with choice boxes down $1.28 at $370.65 per hundredweight and select boxes up $1.04 at $353.61/cwt.
The ongoing shutdown of the United States government will likely delay the publication of monthly cattle on feed data scheduled to come out on Friday. However, market expectations are for a decline in placements on the year.
Lean hog prices were lower, with the December contract down 0.875 cents at 82.400 cents per pound.
