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Live cattle followed Monday’s limit up trade with Tuesday gains of 92.5 cents to $1.50. Feeder futures settled 70 to 92.5 cents higher, supported by live cattle strength and lower corn and wheat prices. The CME Feeder Cattle Index for 7/25 was 54 cents lower to $138.61. Cash cattle trade has been minimal so far this week. The afternoon USDA report showed the average price of choice boxed beef was $1.34 higher on Tuesday to $199.93, and select prices were up $1.38 to $190.82. WTD FI slaughter was estimated at 224,000 head, up 1,000 head from last week, and 11,000 head bigger than the same two days in 2015.
Aug 16 Cattle settled at $113.875, up $0.925,
Oct 16 Cattle settled at $112.575, up $1.500,
Dec 16 Cattle settled at $113.350, up $1.150,
Aug 16 Feeder Cattle settled at $142.450, up $0.750
Sep 16 Feeder Cattle settled at $141.025, up $0.700
Oct 16 Feeder Cattle settled at $140.225, up $0.925