Live Cattle (P) Futures PricesMon, Jul 28th, 2014
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Cattle futures are trading $0.07 to $1.15 lower at midday. We are getting a “buy the rumor, sell the fact” reaction to the Cattle on Feed report from Friday night. USDA pegged the July 1 On Feed at 97.61% of year ago, lower than trade ideas. USDA estimated June placements at 93.81% vs. trade estimates above 96%. Marketings were above expectation but below year ago. The Cattle Inventory report was also released on Friday. The report showed beef cow numbers down 2.5% vs. 2 years ago, with replacement heifers also down 2.4%. There was no July report in 2013 due to budget cuts, thus the 2 year comps. Wholesale beef prices are higher, with Choice boxes up $1.39 at $258.77 and Select up $1.71 at $256.04. The choice select spread is at $2.73
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