Cattle -rally on tight supplies, rising cattle prices

By Karl Plume Chicago, August 15 (Reuters) – Chicago Mercantile Exchange Bestnut contracts on Friday agreed on rising cattle prices and tight cattle, as imports from Mexico remain suspended due to the spread of the new world screw worm south of the border. The US Department of Agriculture announced on Friday that it would spend $ 750 million to build a facility in Texas that produces sterile flies to fight the carnivorous livestock pest. Feeding livestock futures expanded the news on the news, as some traders expected the agency to facilitate import restrictions when USDA secretary Brooke Rollins said earlier this week that she was going to make a ‘big announcement’ about screwworm. “You have had the screwworm updates, and the trade of course didn’t take them as clumsy. We are making progress, as with the production facility, but the border is still closed and there is no timeline on it. It’s easy to see buyers re -entering,” said Matthew Wiegand, broker at futuresone. CME October Live Cattle Futures ends 3.825 cents higher at 230,650 cents per pound after rising within 0.975 cents of a contract high last week. September feed cattle jumped 6,325 cents to 347,350 cents per pound. Rising wholesale prices have supported livestock futures well. According to the USDA data, according to the USDA data, the choice of choosing the cut -out of beef rose to $ 6.78 at $ 400.57 per hundred weight (CWT), the highest since the early days of the Covid Pandemic in May 2020. The selected beef cut was $ 370.76 per CWT. Lean Hog Futures followed the livestock markets higher on Friday after falling to a two-week low in the previous session, although profits were kept in check by expectations for rising supplies. CME October Lean Hogs gained 0.975 cents to settle at 90,100 cents per pound. (Reporting by Karl Plume; Editing by Shreya Biswas)