Live cattle futures are $2 to $2.35 higher so far on Monday. Cash trade settled in at $240-241 across the country last week. Feeder cattle futures are showing a rebound from the Friday limit losses, as contracts are up $1.60 to $2.50. The CME Feeder Cattle Index was up another $1.41 at $376.51 on October 16. The Monday OKC feeder cattle auction has an estimated 6,800 head for sale, with early demand noted as moderate. Both live and feeder cattle will have expanded limits ($10.75 and $13.75, respectively) today.
Late on 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 Monday morning report, with the Chc/Sel spread at $15.94. Choice boxes were up $2.09 to $368.86, while Select was $2.65 higher at $352.92. 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 are at $242.275, up $2.025,
Dec 25 Live Cattle are at $244.150, up $2.325,
Feb 26 Live Cattle are at $244.825, up $2.000,
Oct 25 Feeder Cattle are at $373.800, up $1.850
Nov 25 Feeder Cattle are at $374.200, up $2.500
Jan 26 Feeder Cattle are at $370.900, up $1.600
