Live cattle futures were $3.90 to $5.35 higher across most contracts on Wednesday. Cash trade started a little early this week, falling $5-9 in NE to $230 on Monday. Other bids have been reported at $228-230. The Wednesday Fed Cattle Exchange online auction showed no sales on the 1,706 head, with $230 bids on a few. Feeder cattle futures posted gains of $3.77 in the October contract which expires on Thursday, as contracts were up $8.50 to $10 in other contracts. The CME Feeder Cattle Index fell $3.63 at $356.62 on October 28. Price limits revert back to the normal $7.25 for live cattle and $9.25 for feeders on Thursday.
The Mexican ag minister on Wednesday morning stated the US and Mexico have not agreed on a date to reopen the southern border for cattle imports.
USDA Wholesale Boxed Beef prices were higher in the Wednesday afternoon report, with the Chc/Sel spread at $19.59. Choice boxes were up $1.73 to $381.38, while Select was $1.79 higher at $361.28. USDA federally inspected cattle slaughter for Tuesday at 119,000 head, with the week to date total at 343,000 head. That is 16,000 head above last week but 27,957 head shy of the same week last year.
Oct 25 Live Cattle closed at $231.400, up $3.900,
Dec 25 Live Cattle closed at $230.900, up $4.325,
Feb 26 Live Cattle closed at $229.450, up $5.350,
Oct 25 Feeder Cattle closed at $347.875, up $3.775,
Nov 25 Feeder Cattle closed at $342.075, up $8.675,
Jan 26 Feeder Cattle closed at $334.025, up $9.150,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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