Cattle futures were rocked hard Friday morning after comments from President Trump the previous day. Live cattle and feeder cattle prices both opened sharply lower, with January feeders touching limit-down within the first minute of trading. 

On Thursday, Trump said his administration struck an agreement to bring down the price of beef for consumers, Bloomberg reported.

“We are working on beef, and I think we have a deal on beef that’s going to bring the price down,” he said at the White House yesterday afternoon. 

Trump didn’t provide any details, but the comments come after the president hosted Argentinian President Javier Milei to discuss trade and financing. The U.S. has already been increasing its shipments of beef from Argentina this year. Volumes imported from January to July are up 42 percent compared to a year ago. 

January feeder cattle are trading $9.25 lower on Friday at $369.30 per cwt, a limit-down move. December live cattle futures are trading more than $5 lower this morning at around $242.57. 

Fats and feeders had been posting contract highs this week, as tight supplies continued to underpin the market. 

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