Live Cattle Futures PricesThu, Jul 24th, 2014
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Cattle futures settled 5 to 75 cents higher, extending their market into life of contract and all time highs. Feeder futures were surprisingly unable to follow, settling 55 lower to 67 higher. With the USDA Cattle on Feed report tomorrow, bouts of pre-report profit taking is inevitable. Weekly US beef export sales reported this morning were 10,800 MT. That is larger than last week despite higher prices. Wholesale beef prices were SHARPLY higher , with Choice boxes up $2.97 at $255.56 and Select up $4.13 at $252.84. Week to date slaughter of 458,000 head is off 1,000 from last week, but down 5.5% from last year. The Cattle on Feed report will be released on Friday, with the trade average guess (Bloomberg) for July 1 On Feed at 98.11% of year ago. The CME Feeder index was $2.34 higher at $212.98. Cash cattle were SHARPLY higher, with cash trades at $162 up $6 or more from last week. Dressed sales have been reported at $259-262.00.
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