Cattle Market Bulls Take a Breather

Live cattle futures finished Wednesday lower by triple digits, down by $1.37 to $1.65 in the front months. Preliminary open interest rose 3,965 contracts, net new selling. Feeder cattle futures rebounded slightly after touching limit losses, but still finish the day with major declines. The CME Feeder Cattle index gained $0.20 on 11/12 to $147.44. Afternoon boxed beef prices were higher yesterday. Choice boxes were up $1.84 to $242.34. Select boxes were up $1.30 at $217.53. Wednesday’s FCE auction didn’t complete any sales; there were offers of $115 in Texas and $115.50 in KS, which were passed. There will be an additional online auction Friday. Some cash sales of $115 were reported for KS and TX on Wednesday afternoon. As of 11/13, the USDA estimated WTD cattle slaughter under federal inspection was 349,000 head, which is less than last week and the running total through the same Wednesday last year.

--provided by Brugler Marketing & Management




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