Cash fed cattle trade opened the week at mostly steady money. Live prices were at $120/cwt. in the Southern Plains and Nebraska, on moderate demand and trade. That matched the price paid in the weekly Fed Cattle Exchange auction on 239 head sold out of 466 offered (delivery 1-9 days). Dressed prices in Nebraska were steady to $2 higher than last week at $190, with a few up to $191.
Despite cash strength, Live Cattle futures closed lower, pressured by the strong downturn in Feeder Cattle, which was tied in part to wonderments about Friday’s monthly Cattle on Feed report (see below) and the level of fund liquidation through the end of the year.
Live Cattle futures closed an average of $1.34 lower (60¢ to $1.80 lower).
Feeder Cattle futures closed an average of $2.51 lower ($1.17 to $3.55 lower). That cleaved a $10.70 wedge between spot Jan and the CME Feeder Cattle Index of $152.47.
Choice boxed beef cutout value was $3.67 lower on Wednesday afternoon at $198.09/cwt.; about $5 lower in the last two days. Select was $1.17 higher at $185.49.
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