The US-China trade beef is turning up the heat on the meat sector.
After the two economies traded tit-for-tat tariff plans, US meat producers were trudging higher on a fall in the price of soyabeans, one of the grains used to fatten up livestock destined for slaughter (China has targeted US exports of the crop for potential retaliatory tariffs.)
•Hormel shares are up 4.9 per cent to $35.91
•Pilgrim’s Pride is up 2.5 per cent to $24.72
•Tyson Foods shares up 2.24 per cent to $71.50
•Sanderson Farms shares up 1.4 per cent to $119.30
On the flip side, cattle futures were sliding lower as China took aim at US beef exports as well.
CME live cattle futures were down 1.45 per cent to $110.35, briefly touching $110.10 earlier in the session, their lowest point since October, according to Thomson Reuters data.
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