Live Cattle (P) Futures PricesWed, Oct 22nd, 2014
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Cattle futures closed near the highs of the day, up $.45 to $1.57. Feeder futures were up $.50 to $1.25 as they followed the live cattle and the cheaper feed ingredients. The CME Feeder index was down 34 cents at $240.46, still a $1.01 premium to the October futures. Cash cattle trade has been quiet, without enough sales reported for a market trend. Asking prices are $168-170, with $260 or higher floating around in the north. Wholesale prices were higher this afternoon. Choice boxed beef prices were $1.16 higher, while Select boxes were on average 14 cents higher per hundred pounds. The USDA Cold Storage report was slightly bearish, showing an 8% jump in beef in storage during September. Stocks were still 16% smaller than year ago, so we’re not out of the woods yet.
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