Cattle Futures Fall Ahead of Labor Day Weekend
· Business · LiveMint, CBS News
Live and feeder cattle futures on the Chicago Mercantile Exchange slipped on Friday as traders closed positions before the Labor Day weekend. October live cattle futures ended 1.35 cents lower at 212.95 cents per pound, while feeder cattle fell 0.95 cent to 320.15 cents per pound. The drop followed a robust jobs report that raised expectations the Federal Reserve will hike its key rate at this month’s meeting. President Trump signed an order mandating country‑of‑origin labeling for imported beef and earlier approved temporary imports of lower‑tariff beef to curb consumer prices, which have reached record highs. High gas prices and falling consumer sentiment may prompt buyers to switch to cheaper proteins, while USDA data showed choice cuts at $375.30 per hundredweight, down $1.87 from the day before.
Why it matters
Price movements influence U.S. cattle producers, importers and exporters, and a Fed rate hike can affect global commodity prices and the Indian rupee.
Read the original report — LiveMint
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