LIVESTOCK — CME cattle rebound as traders monitor US immigration enforcement
By Tom Polansek CHICAGO, Sept 23 (Reuters) — Live cattle and feeder cattle futures rebounded on the Chicago Mercantile Exchange on Wednesday as traders monitored an increase in immigration enforcement in Kansas that pressured the market a day earlier. The cities of Dodge City, Liberal and Garden City, Kansas said in a joint statement they were aware of the increased presence of US Immigration and Customs Enforcement agents in their communities. Fears of ICE agents discouraged some meatpacking employees from going to work, limiting US cattle slaughtering on Tuesday and Wednesday, livestock traders said. National Beef Packing Co., one of four major US beef processors, runs packing plants in Dodge City and Liberal. The company and ICE did not immediately respond to requests for comment. Meatpackers slaughtered an estimated 94,000 cattle on Wednesday, down from 102,000 cattle a week earlier, according to the US Department of Agriculture. The agency revised down its estimate of Tuesday's slaughtering to 100,000 cattle from 105,000. Processing disruptions are typically bearish for cattle futures because they can cause cattle to back up at feedlots. Futures weakened on Tuesday as talk abo
By Tom Polansek CHICAGO, Sept 23 (Reuters) — Live cattle and feeder cattle futures rebounded on the Chicago Mercantile Exchange on Wednesday as traders monitored an increase in immigration enforcement in Kansas that pressured the market a day earlier. The cities of Dodge City, Liberal and Garden City, Kansas said in a joint statement they were aware of the increased presence of US Immigration and Customs Enforcement agents in their communities. Fears of ICE agents discouraged some meatpacking employees from going to work, limiting US cattle slaughtering on Tuesday and Wednesday, livestock traders said.
, one of four major US beef processors, runs packing plants in Dodge City and Liberal. The company and ICE did not immediately respond to requests for comment. Meatpackers slaughtered an estimated 94,000 cattle on Wednesday, down from 102,000 cattle a week earlier, according to the US Department of Agriculture. The agency revised down its estimate of Tuesday's slaughtering to 100,000 cattle from 105,000.
Processing disruptions are typically bearish for cattle futures because they can cause cattle to back up at feedlots. Futures weakened on Tuesday as talk about ICE activity began to spread among traders. "Much of that weakness came at mid-morning yesterday with rumors of immigration raids at beef packers," consultancy StoneX said on Wednesday. 550 cents a day earlier.
225 cents on Tuesday. "Cattle have been so volatile," said Dan Norcini, an independent livestock trader. " After trading ended, Politico reported that a small group of White House officials were exploring whether to cut back US President Donald Trump's decision to increase foreign beef imports, citing two people with direct knowledge of the conversations. The move would be supportive for CME cattle because it would tighten US beef supplies, traders said.
325 cents per pound. USDA is expected to report on Thursday that the US hog herd was slightly smaller on September 1 than it was a year earlier, according to a Reuters survey of analysts. com;)