March 12, 2020 / 5:44 PM / 25 days ago

LIVESTOCK-U.S. cattle, hog futures fall daily limits, led by Wall Street

CHICAGO, March 12 (Reuters) - U.S. live cattle and feeder cattle futures plunged their daily limit on Thursday, dragged down by another steep sell-off on Wall Street, fears of a global recession and continued uncertainty about consumer demand for beef, traders said.

As of 12:28 p.m. CDT (1728 GMT), the Chicago Mercantile Exchange April live cattle contract was down its 3-cent limit at 100.075 cents per pound, which is also a life-of-contract low. The April feeder cattle contract was down its 4.5-cent limit at 119.025 cents per pound.

CME lean hog futures also took a beating, drawing additional pressure after the U.S. Department of Agriculture’s weekly export sales report showed the largest net cancellations of U.S. pork sales to China in records dating to 2013.

The USDA reported net cancellations of U.S. pork to China totaling 45,222 tonnes in the week ended March 5.

The benchmark CME April lean hogs contract was down its 3-cent limit at 60.875 cents per pound, a contract low. (Reporting by Julie Ingwersen in Chicago Editing by Matthew Lewis)

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