Within a few days, live cattle prices dropped by 16 percent.
"There's no question our organization has an interest in higher cattle prices," he said.
Traders also said they expected cattle prices to go higher for the rest of the year.
The news sent cattle prices in the Chicago commodity market to a 13-month high.
Cattle prices are strong these days, but Canal has left that business.
Cattle prices rose on the belief that the market had sold off enough.
Still, some local business people see a potential new industry in a region affected by depressed oil and cattle prices.
Meanwhile, cattle prices have remained fairly level for half a year.
In other activity, cattle prices rose while heating oil fell.
They blamed the comment for a drop in cattle prices.
