Chicago cattle contracts rose on Monday as the U.S. threatened to to block Mexican cattle imports over New World screwworm concerns.
U.S. Agriculture Secretary Brooke Rollins sent a letter to Mexico’s agriculture minister on Saturday with a warming that the U.S. would restrict livestock imports if Mexico didn’t take further action against the parasitic worm. Late last year the USDA temporarily blocked imports from its southern neighbour over cases of New World screwworm.
By Monday afternoon, Rollins said the U.S. and Mexico had reached an agreement on the matter.
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U.S. livestock: Feeder cattle extend rally to new highs
Chicago Mercantile Exchange feeder cattle futures extended gains to record highs on Wednesday while live cattle futures set a contract high before pulling back.
Most active June live cattle futures settled at 209.600 cents per pound, up 1.350 cents. August live cattle closed at 205.325 cents a pound for a gain of 1.225 cents.
Most active August feeder cattle futures closed at 294.950 cents per pound, up 0.650 cents. September feeders settled at 294.075 cents, up 0.525 cents a pound.
Choice boxed beef spiked to $342.70 per cwt, up $6.22. Select boxed beef closed at $325.12 per cwt, a gain of $5.01, the USDA reported.
Most active June lean hogs closed at 101.000 cents a pound, down 0.150 cents. July lean hogs settled at 101.225 cents, up 0.050 cents a pound.
Pork carcass cutout value settled at $97.62 per cwt, down $0.42.
—With files from Reuters
