Both live cattle ($10.75) and feeder cattle ($13.75) used their expanded limits on Monday, as spec longs want out and the door is only so big. They will be expended again on Tuesday. Live cattle futures bounced off the limit into the close, but still settled with $4.97 to $9.82 losses across the board. Cash trade started a little early this week, falling $5-9 in NE to $230 on Monday. Feeder cattle futures were down $8.80 in October but down the expanded limit of $13.75 across the rest of the board. The CME Feeder Cattle Index was back up 47 cents at $367.55 on October 24. The weekly OKC feeder cattle auction had 3,555 head for sale, with price action down $30-40 for feeders and calves down $40-50.
Long liquidation continued from last week in fallout from President Trump’s post, raising the Argentina tariff rate quota, and news that the Mexican ag minister was headed to Dec to talk the border this week. Easing trade tensions with the US and Brazil was also noted.
USDA Wholesale Boxed Beef prices were higher in the Monday PM report, with the Chc/Sel spread at $16.22. Choice boxes were up $2.12 to $377.88, while Select was $3.69 higher at $361.66. USDA federally inspected cattle slaughter for Monday at 105,000 head. That is 13,000 head above last week but 15,390 shy of the same week last year.
Oct 25 Live Cattle closed at $228.825, down $4.925,
Dec 25 Live Cattle closed at $227.175, down $6.750,
Feb 26 Live Cattle closed at $224.000, down $9.425,
Oct 25 Feeder Cattle closed at $345.500, down $8.800,
Nov 25 Feeder Cattle closed at $338.450, down $13.750,
Jan 26 Feeder Cattle closed at $334.425, down $13.750,
