The bulk of Chicago Mercantile Exchange live cattle contracts closed lower on Friday, pressured by the morning’s bearish U.S. Department of Agriculture (USDA) monthly Cattle-On-Feed report, said traders.
Hog farmers in North Carolina are watching with great concern the still-rising flood waters brought by Hurricane Florence. Farmers are providing feed and care for animals and fuel to power ventilation systems in barns.
Mandatory evacuations were imposed for parts of three East Coast states Tuesday as millions of Americans prepared for what could become one of the most catastrophic hurricanes to hit the Eastern Seaboard in decades.
Lingering flood waters are making it hard for farmers to recover after Hurricane Florence. Farmers are taking unusual steps to reach hog barns and forcing them to deliver feed through treacherous conditions.
Chicago Mercantile Exchange lean hog futures fell about 2 percent in a technical selloff on Tuesday, easing from an earlier two-month high in a reversal that could portend further declines, traders and analysts said.