Live Cattle Futures PricesTuesday, May 21st, 2013
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Latest Brugler Live Cattle Report
Cattle futures closed 72 cents higher on a “sell the rumor, buy the fact” reaction to the USDA Cattle on Feed report issued on Friday afternoon. USDA put Cattle on Feed as of May 1 @ 96.62% of last year, a little higher than the 96.1% average pre-report guess. Feeders were down hard in the May (which has to stick close to the CME Index), but were up sharply for August and September. Wholesale prices set another new record high for Choice at $210.04. Select boxed beef carcasses are also closing in on all time highs, gaining $1.10/cwt. today. Estimated Monday slaughter is 125,000 head, which is 2000 more than last Monday, but the same as a year ago. The USDA says that overall the US pasture and range condition improved from last week, gaining 3 points in the good category and 1 point in the excellent category.
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