LIVESTOCK-Cattle futures recover as Trump weighs increased beef imports

By Julie Ingwersen

CHICAGO, Oct 20 (Reuters) - Chicago Mercantile Exchange live cattle futures bounced on Monday, stabilizing after Friday's 2.4% plunge that traders had tied to U.S. President Donald Trump saying that his administration was working to lower beef prices.

Trump said on Sunday that he was considering importing more beef from Argentina to reduce soaring U.S. beef prices. Cattle producers criticized that suggestion on Monday as a threat to their livelihoods and free markets, while brokers said Argentina was not likely to supply enough meat to cool prices.

"The general belief is that Argentina cannot really plug the gap," said Don Roose, president of Iowa-based U.S. Commodities.

Most-active December live cattle LCZ25 settled up 1.825 cents on Monday, or 0.75%, at 243.650 cents per pound, after tumbling 2.4% on Friday.

Feeder cattle futures also ended higher, trading under expanded daily limits after Friday's limit-down close. Benchmark November feeders FCX25 settled up 0.975 cent at 372.675 cents per pound. Daily limits will revert to 9.25 cents for Tuesday's trading session.

Beef prices have been hovering near record highs as the U.S. cattle herd has thinned to the smallest since the 1950s.

Wholesale prices rose on Monday, with choice cuts up $2.41 at $369.18 per hundredweight and select cuts up $3.19 at $353.46 per cwt, according to U.S. Department of Agriculture data.

Cash cattle trade was quiet to start the week. Market-ready cattle traded last week in Texas, Kansas and Nebraska at $240 per cwt, according to traders.

CME lean hog futures ended mixed, with the most-active December and February contracts finishing lower while back months edged higher. December hogs LHZ25 settled down 0.300 cent at 82.075 cents per pound and February LHG26 ended down 0.050 cent at 84.725 cents.