Live cattle futures pull off early losses on Friday, with contracts closing down 30 cents to $1.15 higher. October was up 95 cents on the week. Open interest on Friday was down 1,841 contracts. Cash trade has picked up a few at $355-360 dressed and $223-227. Feeder cattle futures were down 55 cents in the front month August, and other up a dime to $1.85 on the day, with September falling $5.52 last week. The CME Feeder Cattle Index was down another 85 cents on August 20 to $341.00.
On Friday, President Trump stated the US “will allow up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariffs” for 90 days.
