Cattle Rally Back Higher on Friday, as President Trump Comments After the Close

Live cattle futures were up $2.50 to $3.05 on Friday to round out the week with $8.32 losses. The Friday morning Central Stockyards Fed Cattle Exchange online auction showed $228-230 sales on 160 of the 1,228 head offered. Outside of that, Northern sales have been reported at $230-230.50, with $232 Southern sales this week. Feeder cattle futures rallied back higher into Friday’s close, as contracts were up $2.80 to $4.35 at the close. November was still down 12,475 on the week. The CME Feeder Cattle Index was back down $1.86 to $345.96 on November 6.

President Trump posted after the Friday close that he has “asked the DOJ to immediately begin an investigation into the Meat Packing Companies who are driving the price of Beef through Illicit Collusion, Price Fixing, and Price Manipulation.”

USDA Wholesale Boxed Beef prices were mixed in the Friday PM report, with the Chc/Sel spread narrowing to $15.31. Choice boxes were down $1.57 to $376.40, while Select was 33 cents higher at $361.09. USDA federally inspected cattle slaughter for the week’s total at 555,000 head. That is 4,000 head below last week and 65,666 head shy of the same week last year.

Dec 25 Live Cattle  closed at $221.350, up $2.575,

Feb 26 Live Cattle  closed at $219.750, up $3.000,

Apr 26 Live Cattle  closed at $219.725, up $3.025,

Nov 25 Feeder Cattle  closed at $326.400, up $4.350,

Jan 26 Feeder Cattle  closed at $319.575, up $3.975,

Mar 26 Feeder Cattle  closed at $313.975, up $2.975,

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. This article was originally published on Barchart.com