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Live cattle and feeder cattle futures were limit up on Monday following a bull friendly Cattle on Feed report. The report released on showed July 1 cattle on feed 101.17% of a year ago, below the average pre-report estimate of 101.6%. June placements were pegged at 102.97% of a year ago and marketings at 109.44%. The CME Feeder Cattle Index for 7/22 was 7 cents lower to $139.15. Cash cattle trade recorded a few dressed sales at $183 on Monday. Friday’s live sales ranged from $113 to $115. The average price of choice boxed beef was $1.50 lower on Monday to $198.59, and select prices were down 13 cents to $189.44. Beef production last week reached 484.6 million pounds, slightly lower than the previous week, but 10% larger than the same week in 2015. FI slaughter on Monday was estimated at 113,000 head, up 3,000 head from last Monday, and 8,000 head bigger than the same Monday a week ago. According to the USDA Crop Progress report, 53% of the national pastures are in good to excellent condition, down 3 points from last week.
Aug 16 Cattle settled at $112.950, up $3.000,
Oct 16 Cattle settled at $111.075, up $3.000,
Dec 16 Cattle settled at $112.200, up $3.000,
Aug 16 Feeder Cattle settled at $141.700, up $4.500
Sep 16 Feeder Cattle settled at $140.325, up $4.500
Oct 16 Feeder Cattle settled at $139.300, up $4.500