Both live cattle ($10.75) and feeder cattle ($13.75) have expanded limits today, and they are being used. The spec longs want out and the door is only so big. Live cattle futures are down $6.75 to $8.77 in the front months on Monday, with other contracts down the $10.75 expanded limit. Cash trade settled in at $238-240 last week, with the later action on the lower side of that. Feeder cattle futures are using the expanded limits on Monday, with most contracts down the expanded $13.75 limit, as October is $13.10 lower. The CME Feeder Cattle Index was back down $3.54 at $367.08 on October 23. The weekly OKC feeder cattle auction has 3,800 head for sale, with early sales noted sharply lower.
A report late on Thursday suggested the Mexican ag ministry was headed to Washington next week to discuss reopening the border that has been closed to cattle imports due to New World Screwworm.
USDA Wholesale Boxed Beef prices were higher in the Monday AM report, with the Chc/Sel spread at $14.14. Choice boxes were up $1.64 to $377.40, while Select was $5.29 higher at $363.26. Apparently they didn’t receive President Trump’s memo from last week. USDA federally inspected cattle slaughter last week was estimated at 573,000 head. That is 6,000 head above last week but 52,186 shy of the same week last year.
Oct 25 Live Cattle are at $227.000, down $6.750,
Dec 25 Live Cattle are at $225.150, down $8.775,
Feb 26 Live Cattle are at $222.675, down $10.750,
Oct 25 Feeder Cattle are at $341.200, down $13.100
Nov 25 Feeder Cattle are at $338.450, down $13.750
Jan 26 Feeder Cattle are at $334.425, down $13.750
