Live cattle futures posted gains of $1.00 to $1.25 across most contracts on Thursday. There were no deliveries again for October live cattle again on Thursday, with the oldest long dated June 26. Cash trade has yet to pick up this week across the country, with a few $230 sales early this week in the North and other $230 bids being reported. The Thursday Fed Cattle Exchange online auction showed sales on 140 of the 1,866 head offered at $232.50 using the BidTheGrid™ method. Other bids were at $230 to $231.50.
Feeder cattle futures shot up another $4.50 to $5.55 across the front months to close out the Thursday session. Thursday saw a 1,147 contract increase in open interest, suggest new buying. The CME Feeder Cattle Index was up another $1.84 at $367.35 on October 8.
