Live Cattle Futures PricesMon, Nov 30th, 2015
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Live cattle futures settled with triple digit losses following a trade of 22 to 87.5 cents higher on Friday. Feeder futures closed more than $3.00 lower today on higher feed costs and the weakness in the fats. The CME Feeder Cattle Index for 11/27 was $1.64 higher to $173.80. The CFTC states that managed money live cattle accounts increased their net long position by 656 contracts during the week ending 11/24, to an updated position of 5,622 contracts net long. Feeder accounts changed from a net long position of 22 contracts to a net short position of 866 contracts. Average cash cattle prices last week were $124.80 live and 196.30 dressed, both up around $1.50 from the week before. The USDA reported mixed wholesale beef prices, as choice boxes were $1.25 higher, but select boxes were down 64 cents. Total beef production during October was 2.125 billion pounds, 39.6 million pounds more than September, but 45.8 million pounds less than October 2014. Estimated FI slaughter today totaled 110,000 head, up 1,000 head from last week, and steady with that of a year ago.
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