Both live cattle ($10.75) and feeder cattle ($13.75) have expanded limits today, and they are being used. The spec longs want out and the door is only so big. Live cattle futures are down $6.75 to $8.77 in the front months on Monday, with other contracts down the $10.75 expanded limit. Cash trade settled in at $238-240 last week, with the later action on the lower side of that. Feeder cattle futures are using the expanded limits on Monday, with most contracts down the expanded $13.75 limit, as October is $13.10 lower. The CME Feeder Cattle Index was back down $3.54 at $367.08 on October 23. The weekly OKC feeder cattle auction has 3,800 head for sale, with early sales noted sharply lower.
A report late on Thursday suggested the Mexican ag ministry was headed to Washington next week to discuss reopening the border that has been closed to cattle imports due to New World Screwworm.
