Chicago Mercantile Exchange (CME) feeder cattle futures sank by their daily maximum on Wednesday after US President Donald Trump said ranchers needed to lower price, reported Reuters.
Trump has sought to reduce beef prices that reached records this year due to tight cattle supplies and strong consumer demand.
His administration announced an effort to rebuild the country's herd, which dwindled to its smallest level in decades after years of drought dried up grazing lands and hiked feeding costs.
Trump recently said the US could import more Argentine beef to cut prices, angering ranchers. Economists warned that increased imports and lower cattle prices would discourage ranchers from expanding their herds.