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On Monday, live cattle futures closed up by $7.25 limit, with last week’s cash trade reported at $225-230 in the north and $230-232 in the south. Feeder cattle futures also saw a significant increase of $9.25. The CME Feeder Cattle Index was down by $1.86 to $344.37 as of November 6. Meanwhile, USDA inspected cattle slaughter for Monday was at 113,000 head, an increase of 4,000 head compared to the previous Monday and 713 head over the same week last year.
President Trump announced on Friday that he has requested the DOJ to investigate meatpacking companies for alleged price manipulation. The market responded favorably to this announcement compared to earlier comments from the President.
USDA Wholesale Boxed Beef prices were mixed, with Choice boxes up $0.92 to $377.32 and Select boxes down $1.39 to $359.70. The spread between Choice and Select narrowed to $17.62.
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