Cattle Futures Extend Losses on Screwworm Concerns as Grain Markets Slide

Chicago Mercantile Exchange (CME) live and feeder cattle futures remained under heavy pressure Wednesday after sharp losses in the previous session, as traders weighed reports of a potential New World screwworm (NWS) case in Texas.

Samples from a suspected NWS infestation at a cattle operation in La Pryor, Texas, have been sent to a federal laboratory in Iowa for testing, Texas Representative Don McLaughlin told Reuters. The US Department of Agriculture (USDA) has not confirmed a Texas case, though the agency on Tuesday reported an NWS detection about 25 miles south of the Texas border.

Feeder cattle futures led the selloff, with the August contract breaking below key support to a multi-month low...

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