Live Cattle (P) Futures PricesThursday, May 23rd, 2013
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Cattle futures are trading 20 to 40 cents lower this morning. Wholesale prices set another new record high for Choice at $211.35 this morning. Select boxed beef was quoted 54 cents lower as the spread continues to widen seasonally. Estimated week to date slaughter through Wednesday was 373,000 head, which is 2000 light vs. year ago. A few token cash cattle were reported sold at $124 in TX (down $1) and a few in NE at $200. The monthly USDA Cold Storage report was modestly friendly for beef, with inventory down 1.2% from last month and also smaller than the end of April 2012. USDA reported this morning that 20,400 MT of beef was sold in the export market last week, helping to explain some of the strength in the wholesale beef market.
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