Live Cattle Futures PricesWed, Jul 1st, 2015
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Live cattle futures are still a computer plaything, with the first two contracts limit up at midday after losses on Tuesday. Feeder cattle futures suffered heavy losses on Tuesday due to sharp gains in feed prices, and lower fat cattle prices. They are back up $3 or more today with the higher cattle and lower feed prices. The CME Index for the 6/29 average is at $228.45, off 61 cents. The ban preventing Argentina and Brazil from exporting fresh beef to the US will soon be lifted. The countries have become free of the many diseases that forced the ban to be put into place in 2001. Cash cattle activity is generally stronger this morning after a fairly quiet start to the week. Everyone wants to wrap things up before the holiday. Prices are up $2 - $3 and asking prices are averaging $150 live and $240-$242 dressed. Wholesale prices are higher for both choice and select boxes this morning. Average choice prices are up a nickel, while select is up to $249.52, narrowing the spread that on Tuesday afternoon was the tightest since Mach 25.
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