U.S. cattle markets fall as China allows imports of Russian and Australian beef
Cattle futures on the Chicago Mercantile Exchange (CME) fell in the second trading session on Thursday, even as tight U.S. cattle inventories and strong beef prices supported the market, Reuters reported, citing analysts.
However, worries about export demand, especially Chinese demand, affected futures later in the day, traders said.
On Thursday, Chinese customs said it was allowing imports of beef and beef by-products from Russia. In addition, the Australian government said Thursday that China had lifted import bans on five major Australian beef processors.
The news comes a day after Reuters reported that China had suspended beef exports from a JBS-owned plant in Greeley, Colorado, because traces of the feed additive ractopamine were found in beef destined for China.
“There is no doubt that this will impact further U.S. beef exports,” said Carl Setzer, Consus Ag partner.
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