Analysts were hoping the China trade deal will increase beef exports there. “April cattle opened higher but closed moderately lower on the day and took out yesterday's lows,” the Hightower Report said. “The market found some early support on some hopes that the new China/US trade deal will help boost beef exports to China to some extent.”

“April hogs traded sharply lower early in the day but closed just slightly lower on the day,” the Hightower Report said. “The market stayed inside of yesterday's range. Traders await details on the China/US trade agreement as it appears that China has the very strong demand, and the US has the record supply to see much more aggressive sales of US pork to China.”