Live cattle futures are down $1 to $1.20 across the front months. Cash trade has been near $220 to $345 this week. The Friday morning Fed Cattle Exchange online auction showed dressed sales of $342 on 40 head, with another set of $223 sales on 174 head. Feeder cattle futures are slipping 97 cents to $1.30. The CME Feeder Cattle Index was down another 80 cents on August 26 to $333.47.
Early on Friday morning, President Trump posted that “in order to break this powerful (packer) monopoly, with much of its ownership based outside the U.S., I am authorizing legal documents to be drawn in order to allow Farmers and Ranchers to be given the right to PROCESS THEIR OWN FOOD.” Few details were given on what would be done, though trimming back some regulations may be a solution.
