CHICAGO, Jan 17 (Reuters) - Chicago Mercantile Exchange live
cattle futures fell hard Thursday on news that Cargill Inc
plans to close its beef packing plant in Plainview,
Texas, on Feb. 1 due to tight supplies, traders and analysts
said.
CME live cattle futures at one point fell by their 3-cent
daily price limit, but recovered some of those losses later in
the session.
"The U.S. cattle herd is at its lowest level since 1952.
Increased feed costs resulting from the prolonged drought,
combined with herd liquidations by cattle ranchers, are severely
and adversely contributing to the challenging business
conditions we face as an industry," John Keating, president of
Cargill Beef, said in a statement.
