Chicago cattle futures fell sharply on Friday after U.S. President Donald Trump said his administration was working to lower the cost of beef.
“We are working on beef, and I think we have a deal on beef,” Trump told reporters at the White House on Thursday.
“No specifics were released on any plan, though the market is taking a risk off approach,” wrote analyst Austin Schroeder.
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Prairie CWRS bids rise, other wheats mixed
Canada Western Red Spring (CWRS) wheat bids across the Prairie provinces saw some strength during the week ended Nov. 11, taking some direction from the United States futures. However, other wheat classes were mixed.
Most-active December live cattle closed at 241.825 cents per pound, down 6.050 cents a pound. February live cattle cattle were down 6.725 cents to settle at 242.825 cents a pound.
Most-traded November feeder cattle contracts closed at 371.700 cents a pound, down 9.250 cents a pound. January feeders settled at 369.300 cents a pound, down 9.250 cents.
Choice boxed beef closed at $366.77 per cwt, up $0.66. Select boxed beef was valued at $350.27 per cwt, up $1.34.
December lean hog futures fell by 0.225 cents to close at 82.375 cents a pound while February contracts settled at 84.775 cents a pound, down 0.325 cents.
The USDA reported pork carcass cutout value at $102.70 per cwt, up $0.53.
