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Live cattle futures closed 75 cents to $1.075 higher, after being as much as $1.30 higher earlier in the day. Jun16 cattle, however, were down $1.35 on the week following the bearish Cattle on Feed report. All of the damage was done on Monday. Feeders settled with gains of 42.5 cents to $1.30, with now-front month Aug16 feeders the strongest. That contract was still $1.22 lower on the week. The CME feeder cattle index for 5/26 was down $1.51 to $146.09. Cash cattle trade on Friday recorded dressed sales from $195 to $205, and live sales from $122 to $126. According to the afternoon USDA report, choice boxed beef prices were down 65 on Friday to $222.07 (-$3.89 Fri to Fri), and select boxes were $1.69 lower to $201.57 (-$6.85 Fri to Fri). The current choice/select spread is $20.50. Including Saturday estimates, FI cattle slaughter was estimated at 586,000 head, down 1,000 head from last week. Beef production this week was pegged at 475.6 million pounds, down just slightly from last week.
Jun 16 Cattle settled at $119.700, up $0.775,
Aug 16 Cattle settled at $116.425, up $1.075,
Oct 16 Cattle settled at $115.825, up $1.000,
Aug 16 Feeder Cattle settled at $146.700, up $1.300
Sep 16 Feeder Cattle settled at $144.800, up $0.850
Oct 16 Feeder Cattle settled at $143.225, up $0.750