Feeder Cattle Futures PricesWed, Jul 23rd, 2014
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Cattle futures closed mixed. For a day they were seeing widely divergent views for 2014 asnd 2015, with triple digit futures losses from April on out. Nearby August held its limit gain from Tuesday and tacked on a dime. Wholesale beef prices were mixed this afternoon, with Choice boxed 21 cents lower after setting record highs yesterday. Select was quoted $2.92 higher. A few small dressed sales were reported in Nebraska and the IA/MN area at the $255 level. The USDA Cold Storage report yesterday showed frozen beef stocks down 5.3% from May. Packers have little inventory to draw on. On the other hand margins are positive and they need cattle. 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 16 higher at $210.64.
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