Chicago Mercantile Exchange live cattle futures on Friday drew pressure from funds that sold, or "rolled," June positions into back months before similar moves lasting five days beginning on Monday, said traders.
The U.S. red meat industry is optimistic about the opportunities ahead for U.S. pork and beef in Japan. Trump and Abe's announcement puts the U.S. on an even playing field with its competitors, Halstrom says.
Chicago Mercantile Exchange live cattle nearby contracts on Wednesday were weakened by funds that sold, or "rolled," June positions into back months ahead of similar moves early next week, said traders.
Japan is the leading value destination for both U.S. beef and U.S. pork, says USMEF Economist Erin Borror, But, she cautioned that the competitive terrain in Japan has gotten steeper for U.S. red meat.
Chicago Mercantile Exchange live cattle and lean hog futures rose to life-of-contract highs on Tuesday, lifted by investment fund buying linked to optimism that meat prices will continue to rise, traders said.