Live cattle futures are $4 to $7 higher across most contracts on Wednesday, as futures are bouncing back. 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 are up $3.87 in the soon to expire (Thursday) October contract, with other months up double digits. The CME Feeder Cattle Index fell $7.30 at $360.25 on October 27. CME has expanded limits for both live cattle ($10.75) and feeder cattle ($13.75) for Wednesday.
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 morning report, with the Chc/Sel spread at $20.85. Choice boxes were up $2.48 to $382.13, while Select was $1.28 lower at $361.28. USDA federally inspected cattle slaughter for Tuesday at 119,000 head, with the week to date total at 224,000 head. That is 15,000 head above last week but 21,904 shy of the same week last year.
Oct 25 Live Cattle are at $232.150, up $4.650,
Dec 25 Live Cattle are at $231.925, up $5.350,
Feb 26 Live Cattle are at $230.500, up $6.400,
Oct 25 Feeder Cattle are at $347.975, up $3.875
Nov 25 Feeder Cattle are at $344.025, up $10.625
Jan 26 Feeder Cattle are at $336.175, up $11.300
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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