Chicago Mercantile Exchange (CME) feeder cattle futures sank by their daily maximum on Wednesday after US President Donald Trump said ranchers needed to lower price, reported Reuters.
Trump has sought to reduce beef prices that reached records this year due to tight cattle supplies and strong consumer demand.
His administration announced an effort to rebuild the country's herd, which dwindled to its smallest level in decades after years of drought dried up grazing lands and hiked feeding costs.
Trump recently said the US could import more Argentine beef to cut prices, angering ranchers. Economists warned that increased imports and lower cattle prices would discourage ranchers from expanding their herds.
"It is imperative that President Trump and Secretary of Agriculture Brooke Rollins let the cattle markets work," said Colin Woodall, CEO of the National Cattlemen's Beef Association.
November feeder cattle futures tumbled by the 9.25-cent limit to 364.225 cents per pound. December live cattle ended down 5.6 cents at 239.825 cents per pound.
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