Expanded Limits Following Jan Feeders’ Limit Gain

After hitting new lows for the move, live cattle futures rallied back $2.87 to $4.20 across the nearbys. The Feb contract was $1 off the session high, but still up by $4 on the day. Feeder cattle also bounced back with very strong triple digit gains including a limit up move for the Jan contract. Cash trade remains mostly unestablished with some Monday sales near $175. USDA reported 5.7k head of feeder cattle were sold on Monday at OKC, with prices +/- $3, though heifer calves were up $4-8. The CME Feeder Cattle Index for 11/27 was $226.96, down by $3.42. 

USDA had Wholesale Boxed Beef prices were mixed in the afternoon update, with Choice up by 92 cents and Select $1.45 weaker. The ribs were shown as $569.04 and $460.10 per cwt. respectively. The Federally Inspected cattle slaughter was listed at 125k head for Tuesday bringing the WTD total to 248k. That compares to 251k head last week and 255k during the same week last year. 

Dec 23 Cattle  closed at $171.650, up $2.875,

Feb 24 Cattle  closed at $172.825, up $4.000,

Apr 24 Cattle  closed at $174.875, up $4.200,

Nov 23 Feeder Cattle  closed at $228.640, down $0.735

Jan 24 Feeder Cattle  closed at $221.050, up $8.250