Live cattle futures were up $2.50 to $3.05 on Friday to round out the week with $8.32 losses. Preliminary open interest was down 3,988 contracts. Last week’s cash trade was reported at $230-230.50 in the north, with $232 Southern sales last week. Feeder cattle futures rallied back higher into Friday’s close, as contracts were up $2.80 to $4.35 at the close. November was still down 12,475 on the week. The CME Feeder Cattle Index was back down $1.86 to $345.96 on November 6.
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.”
USDA Wholesale Boxed Beef prices were mixed in the Friday PM report, with the Chc/Sel spread narrowing to $15.31. Choice boxes were down $1.57 to $376.40, while Select was 33 cents higher at $361.09. USDA federally inspected cattle slaughter for the week’s total at 555,000 head. That is 4,000 head below last week and 65,666 head shy of the same week last year.
Dec 25 Live Cattle closed at $221.350, up $2.575,
Feb 26 Live Cattle closed at $219.750, up $3.000,
Apr 26 Live Cattle closed at $219.725, up $3.025,
Nov 25 Feeder Cattle closed at $326.400, up $4.350,
Jan 26 Feeder Cattle closed at $319.575, up $3.975,
Mar 26 Feeder Cattle closed at $313.975, up $2.975,
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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