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At the Chicago Mercantile Exchange, live and feeder cattle were sharply lower, pressured by the lower boxed beef, watching direct business develop. August live cattle closed $2.32 lower at $184.80 and October live cattle closed $2.95 lower at $183.72. August feeder cattle closed $4.10 lower at $253.15 and September feeder cattle closed $5.30 lower at $251.80.
A light direct cash cattle trade took place Thursday. Live deals in the South were at $188, about $2 below the previous week’s weighted averages. Dressed business in the North was marked at $310, also about $2 below the prior week’s weighted averages. Look for some additional trade to develop before the end of the week.
At the Mitchell Livestock Auction in South Dakota, numbers were very low this week. While an overall trend wasn’t applicable, feeder steers did sell on a higher undertone. Steers 1050 to 1100 pounds were $2 higher. Feeder heifers sold with a lower undertone. Grain prices continue to slide. The USDA says demand was good. Feeder supply included 37% steers and 97% of the offering was over 600 pounds. Medium and Large 1 feeder steers 928 pounds brought $239 and feeder steers 997 pounds brought $236. Medium and Large 1 feeder heifers 761 pounds brought $255.50 and feeder heifers 901 to 936 pounds brought $219 to $221.50.
Boxed beef closed lower on light demand for solid offerings. Choice was $1.98 lower at $312.79 and Select closed $2.70 lower at $297.46. The Choice/Select spread is $15.33. Estimated cattle slaughter was 114,000 head – down 6,000 on the week and down about 10,000 on the year.
Lean hog futures ended the day mixed on spread trade with steady to lower cash business and higher pork values during the session. August lean hogs closed $.87 higher at $93.15 and October lean hogs closed $1.10 higher at $77.02.
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