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CME feeder cattle futures rose to their highest level since July after Washington indicated it may keep blocking Mexican cattle imports, following a New World screwworm case in Mexico. USDA said imports could resume after Christmas, more likely in January.
Lean hog futures fell.
Import restrictions remove feeder supply from the US market, tightening supplies and lifting feeder cattle prices while pressuring the feed-using beef sector.
thecattlesite.comMelanie EppDec 2, 2024After 122 past bullish disease events, Feeder Cattle moved a median +0.4% over 5 sessions (60% higher; middle half -1.0% to +1.6%), and +2.0% over 20.
After 148 past bullish disease events, Live Cattle moved a median +0.4% over 5 sessions (62% higher; middle half -0.5% to +1.2%), and +1.4% over 20.
After 117 past bearish disease events, Lean Hogs moved a median -0.6% over 5 sessions (36% higher; middle half -2.2% to +1.6%), and +1.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
