Live cattle futures settled mixed on the Tuesday session, up 42 cents in some deferreds to down $1.32 in the nearby October. Open interest dropped 12,269 contracts on Tuesday. Cash trade started a little early this week, falling $5-9 in NE to $230 on Monday. Tuesday bids are showing up at $228-230. Feeder cattle futures used some of the expanded limits as back months were down $9.55 to $12, and nearbys $1.40 to $5.05 lower. With futures not locked limit all day, more longs were able to liquidate, with OI down 6,161 contracts. The CME Feeder Cattle Index fell $7.30 at $360.25 on October 27. CME has expanded limits for both live cattle ($10.75) and feeder cattle ($13.75) for Wednesday.
USDA Wholesale Boxed Beef prices were mixed in the Tuesday afternoon report, with the Chc/Sel spread at $19.65. Choice boxes were up $1.77 to $379.65, while Select was $1.66 lower at $360.00. USDA federally inspected cattle slaughter for Tuesday at 119,000 head, with the week to date total at 224,000 head. That is 15,000 head above last week but 21,904 shy of the same week last year.
