
Live cattle futures are down the $7.25 limit at midday, with nearby October slipping $5.77. Cash trade has seen action across the country at $238-240 so far this week. The Friday morning Fed Cattle Exchange online auction showed sales on 433 of the 1,646 head offered with at $238-239. Feeder cattle futures are down the $9.25 limit nearly across the board, with October down $9.025. November is synthetically trading (via options) near $348, or another $4 lower. The CME Feeder Cattle Index was back down $1.38 at $370.62 on October 22.
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.