CHICAGO, Sept 8 (Reuters) - Chicago Mercantile Exchange live and feeder cattle futures turned higher on Tuesday on a bout of short covering in a correction from the previous week's downturn.
CME October live cattle settled 4.075 cents higher at 217.025 cents per pound. CME October feeder cattle rose 5.3 cents to 325.45 cents per pound.
A slew of bearish news, including U.S. President Donald Trump's announcement that he would ease beef tariffs and the re-opening of the U.S.-Mexico border to cattle imports, have largely been factored into the market, analysts said.
"We're getting back to the fundamental side of the cattle complex," said Karl Setzer, partner at Consus Ag Consulting, emphasizing that the live cattle supply remains relatively low.
Though Labor Day marked the end of the summer grilling season, demand has remained relatively strong as retailers prepare for fall, a season where people often cook roasts.