Cattle Look to New Monday Trade Following Last Week’s Losses

Live cattle futures were up $2.50 to $3.05 on Friday to round out the week with $8.32 losses. Preliminary open interest was down 3,988 contracts. Last week’s cash trade was reported at $230-230.50 in the north, with $232 Southern sales last week. Feeder cattle futures rallied back higher into Friday’s close, as contracts were up $2.80 to $4.35 at the close. November was still down 12,475 on the week. The CME Feeder Cattle Index was back down $1.86 to $345.96 on November 6.

President Trump posted after the Friday close that he has “asked the DOJ to immediately begin an investigation into the Meat Packing Companies who are driving the price of Beef through Illicit Collusion, Price Fixing, and Price Manipulation.”