Live Cattle Futures Market News and Commentary
The cattle complex fell back hard on Monday, a nickel off limit losses in feeders. Fat cattle closed +$3 in the red. Feeder cattle were $3.50 to $4.95 lower at the close. Nov feeders touched the $5 limit throughout the afternoon. The October 15 Feeder Cattle Index from CME dropped back 69 cents to $140.22. Monday cash activity had the week off to an early start. USDA noted very light starter sales in the South from $103-106. Cash sales started the week in NE with some limited $105 activity. Clean up business in the cash market was very thin on Friday, from $106-$107. For the week, sales were mostly near $108 with the wtd ave price at $107.61. Wholesale boxed beef prices were lower again on Monday, widening the spread to $17.90. Choice boxes were $209.74 in the PM quote, down by 29 cents. Select boxes had dropped $1.68 to 191.84. USDA estimates FI cattle slaughter for Monday was 118k head, 1,000 more than both LW and the same week LY.
Oct 20 Cattle closed at $104.... Read more