Live Cattle (P) Futures PricesWed, Dec 17th, 2014
Latest Brugler Live Cattle (P) Report
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Cattle futures settled mixed as the spreads realigned. Overall, they were $2.92 lower to $.72 higher. Feeder cattle were locked limit down for the 5th straight day, raising concerns that those who cannot meet margin calls cannot be liquidated by the FCM. March feeders are down $15 in the past five trading sessions, $7500 per contract. Wholesale beef prices were lower this afternoon, with Choice boxes averaging $0.47 lower, and Select boxes off a sharp $3.12. Trade was described as light demand with light to moderate packer offerings. Cash cattle trade broke out in several areas at $157-159.00, with decent volume in Kansas. A few Nebraska cattle traded at $250, down $7 from last week. Feedlots are looking at big hedging gains and a favorable basis that encourages selling the cattle and buying back the futures. Week to date FI slaughter was estimated at 227,000 head and now below the 336,000 from last week and 363,000 a year ago.
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