Live Cattle futures drop as Tyson Foods closes 3 beef plants.

Oliver Sloup of Blue Line Futures breaks down the latest price movement across livestock markets. October Live Cattle futures dropped $1.17 to settle at $218.87, pressured by news that Tyson Foods plans to close or sell three beef processing and packaging facilities in Illinois, Utah, and Washington while shifting capacity to other regional plants. Feeder Cattle futures also closed lower, with the September contract down $2.65 to $334.55 despite rebounding $7.50 off intraday lows. Meanwhile, Lean Hogs futures continued their recent slide, as the October contract fell $0.37 to $81.75.