Live Cattle Futures Market News and Commentary
Following midday losses, live cattle futures recovered to close mixed on Monday. October fats closed at $103.97, with OI dropping ahead of Friday expiration. Feeders ended the first trade day of the week with $0.92 to $1.22 gains. October feeders closed at $133.70 with 1,379 contracts open as of Friday. They expire on Thursday. The CME Feeder Cattle Index dropped another $0.31 to $133.70 on 10/23. Monday cash trading was quiet save for very limited WCB deals at $103. The bulk sales last week were near $104 for the North and $106 in the South. Wholesale boxed beef prices were mixed in the PM report, and widened the Chc/Sel spread to $19.34. USDA reported Choice boxes at $207.83 cwt. and Select boxes at $188.49. That was a 34 cent bump and $2.91 drop respectively. USDA estimates the start to this week’s FI cattle slaughter at 118,000 head for Monday.
--- provided by Brugler Marketing & Management