Livestock-CME feeder cattle futures after US lifts Mexican cattle import ban
CME•Hogs and pork cutout also ease
CME October hogs LHV26 ended down 1.225 cent to finish at 87.800 cents per pound.
The USDA priced the pork carcass cutout at $104.45 per cwt, down $0.18.
Feeder cattle futures fall after import ban lifted
CHICAGO, July 27 (Reuters) - Feeder cattle futures fell on Monday after U.S. Department of Agriculture secretary Brooke Rollins said last week that the United States would lift a ban on imports of Mexican cattle imposed more than a year ago.
The restriction had been imposed to prevent the spread of the New World screwworm, a flesh-eating livestock pest.
Cattle-on-feed report offers little fresh direction
The USDA also released its monthly cattle-on-feed report on Friday, which analysts described as largely neutral and offering little fresh direction for the market.
CME August feeder cattle futures FCQ26 settled down 7.075 cents on Friday at 338.250 cents per pound.
Live cattle futures firmed, with CME August live cattle LCQ26 settling 1.875 cents lower at 225.225.
On Monday, most Chicago Mercantile Exchange feeder cattle futures contracts fell by their daily limit of 10.75 cents per pound following Rollins' announcement.
Ban had supported beef prices as screwworm spread continued
The suspension of Mexican cattle imports had helped drive U.S. beef prices to record highs, increasing pressure on U.S. President Donald Trump's administration to bring down food costs. The ban ultimately failed to stop the advance of the New World screwworm, which spread north through Central America and was detected in June on farms in Texas and New Mexico.
