Live cattle futures fell the $7.25 limit on Wednesday as longs continue to flood the exits. The Central Stockyards Fed Cattle online auction showed no sales on the 1,228 head offered, with bids at $228-230.50. Outside of that, Northern sales were reported at 230-230.50, with $232 Southern sales. Feeder cattle posted the $9.25 limit losses across the board on Wednesday. The CME Feeder Cattle Index was back up $2.61 to $349.42 on November 4. Both live ($10.75) and feeder ($13.75) futures will have expanded limits on Thursday.
Secretary Rollins met with the Mexican President on Tuesday, with the border expected to remain closed. She did comment that President Trump is still very focused on reopening the border. That may be sparking some more liquidation.
USDA Wholesale Boxed Beef prices were mixed in the Wednesday PM report, with the Chc/Sel spread widening to $18.01. Choice boxes were up 68 cents to $378.26, while Select was $1 lower at $360.25. USDA federally inspected cattle slaughter for Wednesday at 117,000 head, taking the week’s total to 344,000. That is 1,000 head above last week but 17,358 head shy of the same week last year.
Dec 25 Live Cattle closed at $220.525, down $7.250,
Feb 26 Live Cattle closed at $218.125, down $7.250,
Apr 26 Live Cattle closed at $217.575, down $7.250,
Nov 25 Feeder Cattle closed at $325.725, down $9.250,
Jan 26 Feeder Cattle closed at $319.975, down $9.250,
Mar 26 Feeder Cattle closed at $315.675, down $9.250,
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.
More news from Barchart
- Cattle Prices Are Tipping Higher. How to Trade the Rebound Now.
- Barchart Experts Weigh In: Everything You Need to Know as Cattle Collapses
- Will Cattle Futures Continue to Reach New Highs During the Off-Demand Season?
- Beef Prices Are Going Up. What’s Behind the Surge, and How Much Higher Will They Go?
