CME feeder cattle hit 3-month peak after corn price plunge

Feeder cattle futures on the Chicago Mercantile Exchange (CME) reached a three-month high on Tuesday, driven by a recent plunge in corn prices, which are a key component of feed costs for livestock producers.

The most active contract, August feeder cattle, gained 2.1% to settle at 152.950 cents per pound, its highest level since April 20.

Corn prices have fallen around 15% since mid-May, making feed cheaper for cattle producers and allowing them to increase their bids for feeder cattle.

However, this news may not directly impact seafarers, as it primarily affects the livestock industry on land.