Live cattle futures were in rally mode on Thursday with gains of $2.55 to $4.80. Limits are expanded to $12.75 for today following the limit gains in feeders for Thursday. Open interest suggested a rotation of ownership, up just 86 contracts. Cash trade has crept up to $256-257 the week, with sales of $403-407 in the beef. The Thursday Fed Cattle Exchange showed sales of $256.50 on 284 of the 1,116 head offered and another $405-$405.50 dressed sales on another 80 head. Feeder cattle futures bought the fact following the screwworm confirmation on Wednesday, with gains of $10.40 to the $10.75 limit. Limits are expanded to $16 for today. Open interest was down 354 contracts, with July dropping 1,029 contracts, and the rest higher. The CME Feeder Cattle Index was down another $4.93 on June 1 to $359.21.
Late on Wednesday evening, the USDA confirmed a case of the New World Screwworm in South Texas after testing a suspected case in a 3-week old calf in Zavala county.
