The cattle industry is on high alert after the U.S. Secretary of Agriculture suspended the imports of live cattle, horses and bison after the detection of the New World screwworm fly in Mexico.

Market-ready fed cattle numbers move from an extremely tight situation in April and the first half of May to a burdensome supply situation in June and July. Market-ready fed cattle supplies in Alberta and Saskatchewan during June and July are expected to be above year-ago levels.

Screwworm, a parasite that enters the skin, can invade the tissues of any warm-blooded animal, including humans.

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.

The agency suspended livestock imports as a deadly screwworm parasite spreads northward in Mexico, threatening U.S. agriculture and food security.

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.