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Cattle futures settled $.77 to $1.32 higher today. August went off the board at $155.90 after a $2.70 intraday range. Cattle futures do have to converge with futures at expiration, as longs will hold for delivery if futures are below cash, and shorts will pay up for futures to get out rather than have to buy cattle on the open market at a premium basis to deliver at futures prices. Wholesale beef prices are lower again today.Choice boxes were 59 cents lower, and select carcasses were quoted an average 88 cents lower. Cash cattle trade was strong today, with most at $155-156 and northern carcass trades at $243-245. These were generally $3 higher than last week. Feeder futures were up $1.50 to $2.45 reflecting the strength in cattle and a lower corn market. The CME Index rose 28 cents to $218.51.
Aug 14 Cattle closed at $155.900, up $1.250,
Oct 14 Cattle closed at $151.425, up $1.325,
Dec 14 Cattle closed at $153.950, up $1.250,
Sep 14 Feeder Cattle closed at $218.650, up $1.500
Oct 14 Feeder Cattle closed at $216.725, up $1.950
Nov 14 Feeder Cattle closed at $215.375, up $2.450