Live Cattle Futures PricesTue, May 24th, 2016
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Live cattle futures finished as much as $1.275 lower on Tuesday. The June contract settled just 15 cents lower as it needs to stick closer to the cash market. Feeders settled with most contracts 47.5 cents to $1.325 lower. May16 feeders settled at $146. They need to converge with the CME Index by contract expiration on Thursday. The CME feeder cattle index for 5/23 was $148.85, down $1.57. Cash cattle trade was light, but a few live sales were reported on Tuesday from $125 in Texas to as much as $132 in CO and KS. Dressed sales from $196 to $198 were also reported. According to the afternoon USDA report, choice boxed beef prices were down $1.05, and select boxes were down $0.33. The market was not impressed with the small USDA cold storage inventory, as market ready cattle numbers are rising into July. Week to date FI cattle slaughter is estimated at 220,000 head, which is 3K head smaller than last week, and 3K head larger than the same week last year.
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