Most-active live cattle futures trading on the CME finished the day down 0.5% at $2.4225 a pound. It's the third consecutive losing day for cattle futures, coming after the USDA announced the Strengthening Processing for U.S. Ranchers program, otherwise known as "SPUR". SPUR will send $500 million to smaller refineries outside of companies like Cargill and JBS, to allow them to better compete for cattle supplies. "Smaller and regional plants often lack the procurement leverage, scale efficiencies and balance-sheet strength of the largest packers," Jim Wiesemeyer of Ag Bull says in a note. Lean hogs closed trading up 0.9% to 98.15 cents a pound. (kirk.maltais@wsj.com)
Dow Jones Newswires
Cattle Slides for Third Day as Smaller Processors Receive Aid — Market Talk
- Sources
- Dow Jones Newswires
- Markets
- Futures
- Active symbols
- CME:HE1!
- Language
- English
Most-active live cattle futures trading on the CME finished the day down 0.5% at $2.4225 a pound. It's the third consecutive losing day for cattle futures, coming after the USDA announced the Strengthening Processing for U.S. Ranchers program, otherwise known as "SPUR". SPUR will send $500 million…