Live cattle futures were down $3.70 to $7.22 on the Friday session follow comments from President Trump on Thursday. Preliminary open interest confirmed some longs exiting, down 4,722 contracts. December was just 70 cents lower on the week. Cash trade settled in at $240-241 across the country. The Friday Fed Cattle exchange saw 240.50-242 sales on 166 of the 1,184 head offered, with $236-240 bids on other lots. Feeder cattle fell $7.72 in the nearby October contract, as the rest of the board was locked limit down. November fell $4.20 last week. The CME Feeder Cattle Index was up another $1.41 at $376.51 on October 16. Both live and feeder cattle will have expanded limits ($10.75 and $13.75, respectively) on Monday.
Late in Sunday President Trump was considering buying beef from Argentina, in reference to last week’s comments to lower beef prices.
USDA Wholesale Boxed Beef prices were higher in the Friday afternoon report, with the Chc/Sel spread at $16.50. Choice boxes were up 66 cents to $366.77, while Select was $1.34 higher at $350.27. USDA federally inspected cattle slaughter for last week was estimated at 567,000 head. That is 20,000 head above last week but 40,284 shy of the same week last year.
Oct 25 Live Cattle closed at $240.250, down $3.700,
Dec 25 Live Cattle closed at $241.825, down $6.050,
Feb 26 Live Cattle closed at $242.825, down $6.725,
Oct 25 Feeder Cattle closed at $371.950, down $7.725,
Nov 25 Feeder Cattle closed at $371.700, down $9.250,
Jan 26 Feeder Cattle closed at $369.300, down $9.250,
