Both live cattle ($10.75) and feeder cattle ($13.75) will have another round of expanded limits on Tuesday after using them on Monday. Spec longs want out and the door is only so big. Live cattle futures bounced off the limit into the close, but still settled with $4.97 to $9.82 losses across the board. Long liquidation was noted in the front months, with open interest dropping 8,219 contracts. Cash trade started a little early this week, falling $5-9 in NE to $230 on Monday.
Feeder cattle futures were down $8.80 in October but down the expanded limit of $13.75 across the rest of the board. The CME Feeder Cattle Index was back up 47 cents at $367.55 on October 24. The weekly OKC feeder cattle auction had 3,555 head for sale, with price action down $30-40 for feeders and calves down $40-50.
