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Cattle futures rallied $2.27 to $2.97, with August just barely missing limit up. The change in daily trading limits did put a bid under the Feeder Cattle market, which settled $.47 to $3.52 higher. Wholesale beef prices were mixed in the morning but faded in the pm report. USDA Choice boxes averaged $0.46 lower this afternoon, and Select boxes were $0.81 lower. Cash cattle trade traded at $157 in clean up trade, mostly steady with yesterday. Traders are looking for the Cattle on Feed report to show modest expansion vs. December 2013, with the average On Feed estimate at 101.2% of year ago. This morning, USDA reported net weekly beef export sales of 11,200 MT for last week.
Dec 14 Cattle closed at $158.700, up $2.275,
Feb 15 Cattle closed at $158.525, up $2.700,
Apr 15 Cattle closed at $158.200, up $2.650,
Jan 15 Feeder Cattle closed at $217.075, up $0.475
Mar 15 Feeder Cattle closed at $213.775, up $1.525
Apr 15 Feeder Cattle closed at $214.175, up $2.075