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China suspended beef imports from a JBS plant in Greeley, Colorado after ractopamine residues were found in beef destined for China. Cattle futures fell, with the August live cattle contract posting its biggest percentage drop since May 1, and lean hogs also declined.
Loss of a Chinese export outlet for a major beef packer adds pressure on US cattle and hog demand, though the impact is limited to one plant.
agcanada.comAGCanadaMay 29, 2024After 123 past bearish trade events, Lean Hogs moved a median -0.4% over 5 sessions (43% higher; middle half -2.9% to +2.0%), and -0.2% over 20.
After 87 past bearish trade events, Feeder Cattle moved a median +0.4% over 5 sessions (54% higher; middle half -3.2% to +1.9%), and +1.1% over 20.
After 121 past bearish trade events, Live Cattle moved a median -0.6% over 5 sessions (40% higher; middle half -1.6% to +0.8%), and -0.3% 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.
