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Live cattle futures closed with the front two contracts limit up with Feb16 not far behind. Feeders finished Tuesday trade mostly limit up as well. The CME Feeder Cattle Index for 10/5 was off 47 cents to $182.29. Cash cattle trade had light demand again on Tuesday. Prices averaged $116.72 live last week, and $187.58 dressed. The basis is making delivery vs. October futures very attractive after this rally. The USDA reported mixed wholesale beef prices in its Tuesday afternoon report. Choice boxes were 20 cents higher to $204.17, but select boxes were off 18 cents to $198.87, continuing their fall under $200. Wide retail margins for beef continue to encourage substitution of pork and poultry. Estimated WTD FI slaughter was 220,000 head, down 2,000 head from a week ago, and 4% smaller than the same week last year.
Oct 15 Cattle closed at $125.125, up $3.000,
Dec 15 Cattle closed at $133.225, up $3.000,
Feb 16 Cattle closed at $135.650, up $2.975,
Oct 15 Feeder Cattle closed at $182.525, up $4.400
Nov 15 Feeder Cattle closed at $178.025, up $4.500
Jan 16 Feeder Cattle closed at $172.800, up $4.500