U.S. suspends importation of live cattle from Mexico
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Barchart on MSNMooooonshot in Cattle Futures Prices. Can the Rally Continue?Friday hit a contract high of $215.60 a hundredweight. In late April, nearby live cattle futures hit a record high of $217.675. The feeder cattle futures (GFQ25) market last week hit a record high of $298.
Mexico's New World Screwworm outbreak halts livestock imports at the southern border as US officials work to prevent the parasitic fly from spreading to American animals.
Secretary Brooke Rollins says this decision wasn't made from politics or punishment, but rather for food and animal security.
Tomm Pfitzenmaier, Summit Commodity Brokerage, says soybeans are seeing some profit taking after the rally Monday and after running into chart resistance in the July contract around $10.75 Monday night.
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