Cattle futures finally closed strongly higher on Thursday, presumably fueled in part by technicals, short covering and perhaps positioning ahead of Friday’s monthly Cattle on Feed report.
Except for 45¢ and 77¢ higher at either end of the board, Live Cattle futures closed an average of $1.26 higher.
Except for 75¢ higher in spot Mar, Feeder Cattle futures closed an average of $1.86 higher ($1.57 to $2.05 higher).
The CME Feeder Cattle Index for Wednesday was $139.39, the first time below $140 since last April.
Choice boxed beef cutout value was 83¢ higher Thursday afternoon at $225.21/cwt. Select was $1.63 higher at $218.02.
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