LIVESTOCK-US cattle futures slump on weak cash prices, Trump jitters

By Tom Polansek

CHICAGO, Oct 31 (Reuters) - U.S. cattle futures slid on the Chicago Mercantile Exchange on Friday due to weak cash prices and uncertainty over President Donald Trump's push to lower beef prices, traders said.

Futures have tumbled since Trump said two weeks ago that his administration was working to lower beef prices for consumers.

Speculative funds liquidated long positions, traders said, after their buying helped cattle futures reach records highs earlier this year.

CME December live cattle futures LCZ25 ended 1.425 cents lower at 229.675 cents per pound, down 1.8% for the week. November feeder cattle FCX25 finished 2.95 cents lower at 338.875 cents per pound, down 3.8% for the week.

"It was another rough week of trading across the cattle markets," AgMarket.net said in a note.

Cash prices have also declined and were down about $3 to $4 per hundredweight in the south, traders said. In the north, prices were down by about $8 to $10 earlier this week, they said.

Cattle prices soared this year after ranchers reduced their herds because a lengthy drought burned up pasture lands used for grazing and raised feeding costs.

Trump's administration further tightened supplies by blocking cattle from Mexico to keep out the flesh-eating parasite New World screwworm.

On Wednesday, Mexican Agriculture Minister Julio Berdegue said Mexico and the U.S. had not yet set a date to resume Mexican cattle exports.

Traders were watching for changes to that stance and to see whether the Trump administration may relax tariffs on imports of Brazilian beef as part of the push to lower U.S. prices. Trump said last week that the country could import more beef from Argentina.

In the hog market, CME December lean hog futures LHZ25 rose 0.45 cent to 81.275 cents per pound. The contract rebounded slightly after falling on Thursday to its lowest level since July 30.