Live cattle futures fell the $7.25 limit on Wednesday as longs continue to flood the exits. The Central Stockyards Fed Cattle online auction showed no sales on the 1,228 head offered, with bids at $228-230.50. Outside of that, Northern sales were reported at 230-230.50, with $232 Southern sales. Feeder cattle posted the $9.25 limit losses across the board on Wednesday. The CME Feeder Cattle Index was back up $2.61 to $349.42 on November 4. Both live ($10.75) and feeder ($13.75) futures will have expanded limits on Thursday.
Secretary Rollins met with the Mexican President on Tuesday, with the border expected to remain closed. She did comment that President Trump is still very focused on reopening the border. That may be sparking some more liquidation.
USDA Wholesale Boxed Beef prices were mixed in the Wednesday PM report, with the Chc/Sel spread widening to $18.01. Choice boxes were up 68 cents to $378.26, while Select was $1 lower at $360.25. USDA federally inspected cattle slaughter for Wednesday at 117,000 head, taking the week’s total to 344,000. That is 1,000 head above last week but 17,358 head shy of the same week last year.
Dec 25 Live Cattle closed at $220.525, down $7.250,
Feb 26 Live Cattle closed at $218.125, down $7.250,
