Live cattle futures are up $7 to the $7.25 limit on Monday. Last week’s cash trade was reported at $225-230 in the north, with $230-232 Southern sales. Feeder cattle futures are up the $9.25 limit so far on Monday. The CME Feeder Cattle Index was back down $1.86 to $345.96 on November 6. The weekly OKC feeder cattle auction has an estimated 6,500 head for sale, with a lower undertone noted early.
President Trump posted after the Friday close that he has “asked the DOJ to immediately begin an investigation into the Meat Packing Companies who are driving the price of Beef through Illicit Collusion, Price Fixing, and Price Manipulation.”
USDA Wholesale Boxed Beef prices were mixed in the Monday AM report, with the Chc/Sel spread narrowing to $16.19. Choice boxes were back up $1.83 to $378.23, while Select was 95 cents higher at $362.04. USDA federally inspected cattle slaughter for the week’s total at 555,000 head. That is 4,000 head below last week and 65,666 head shy of the same week last year.
Dec 25 Live Cattle are at $228.475, up $7.125,
Feb 26 Live Cattle are at $227.000, up $7.250,
Apr 26 Live Cattle are at $226.850, up $7.125,
Nov 25 Feeder Cattle are at $335.650, up $9.250
Jan 26 Feeder Cattle are at $328.825, up $9.250
Mar 26 Feeder Cattle are at $323.225, up $9.250
