US cattle futures slide on tariff rollback and import fears - CME
Lean hog prices hit April low as CME futures decline
24 November 2025
1 minute read
By: US live cattle and feeder cattle futures dropped to their lowest prices since July on the Chicago Mercantile Exchange (CME) on Friday on expectations for increased US imports of beef, after President Donald Trump removed tariffs on Brazilian food products, Reuters reported, citing analysts.
Trump on Thursday cut the 40% tariffs on products, including beef, that he imposed this summer. The duties had slowed US imports of supplies used to make hamburger meat from the world's biggest beef exporter.
The move followed a similar order by Trump's administration last Friday to remove tariffs on agricultural products from other countries, as the White House makes a U-turn on some duties that have increased the cost of food in the United States.
"Traders are afraid of what President Trump is going to do next," said Dan Norcini, an independent livestock trader.
CME February live cattle futures closed down 0.625 cents at 214.775 cents per pound. January feeder cattle futures tumbled 2.150 cents to finish at 314.225 cents per pound.
Futures have dropped over the past month after Trump said he was working to lower beef prices for consumers.
Prices set records this year as a years-long drought dried up pasture lands and forced ranchers to slash the country's cattle herd to its smallest size in decades. Demand for steaks and hamburgers remained strong.
After trading ended, Tyson Foods said it will close a major beef plant in Lexington, Nebraska, and reduce operations at another facility in Amarillo, Texas. Tight cattle supplies have raised costs for meatpackers.
There were 11.7 million cattle on feed in feedlots as of November 1, down 2.2% from a year earlier, the US Department of Agriculture said in a monthly report. This was in line with analysts' expectations.
The report also confirmed fewer heifers in feedlots last month compared to the previous four years, said Rich Nelson, chief strategist for Allendale.
"There are light signs possibly of expansion starting," he said.
In CME's lean hog market, February futures finished down 1.950 cent at 77.700 cents per pound and reached the lowest level since April.
