Tuesday will have expanded limits of $10.75 for live cattle and $13.75 for feeders. Live cattle futures were the $7.25 limit higher in the front to close out the Monday session, with other contracts up $6.35 to $7.17. Open interest was down 1,182 contracts to start the week. Last week’s cash trade was reported at $225-230 in the north, with $230-232 Southern sales. Monday activity was quiet. Feeder cattle futures closed the Monday session with $9.25 limit gains. New buying was noted, with open interest rising 1,156 contracts. The CME Feeder Cattle Index was back down $1.86 to $344.37 on November 6. The weekly OKC feeder cattle auction had an estimated 6,387 head for sale, feeders steady to $5 lower. Steer calves were $5-10 lower, with heifers steady.
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.” The market saw that a friendlier reaction compared to previous posts from the Presidents.
USDA Wholesale Boxed Beef prices were mixed in the Monday PM report, with the Chc/Sel spread narrowing to $17.62. Choice boxes were back up 92 cents higher to $377.32, while Select was $1.39 lower at $359.70. USDA federally inspected cattle slaughter for Monday was at 113,000 head. That is 4,000 head above last Monday and 713 head above the same week last year.
Dec 25 Live Cattle closed at $228.550, up $7.200,
Feb 26 Live Cattle closed at $227.000, up $7.250,
Apr 26 Live Cattle closed at $226.975, up $7.250,
Nov 25 Feeder Cattle closed at $335.650, up $9.250,
Jan 26 Feeder Cattle closed at $328.825, up $9.250,
Mar 26 Feeder Cattle closed at $323.225, up $9.250,
