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.
All agriculture haulers could be exempted from using electronic logging devices (ELD) if the latest version of the Agricultural Business Electronic Logging Device Exemption Act of 2018 advances through Congress.
The House of Representatives has debuted their own Transporting Livestock Across America Safely Act, which is similar to the Senate version and grants greater hours of service flexibility to livestock haulers.
A bill has recently been signed into law in Oklahoma that will prohibit deceptive or misleading labeling of meat products, and in essence prevents cell cultured or plant based products from using meat terms.
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.