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Cattle Market Bounces Ahead of Export Sales Data

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Front month futures worked their way higher on Wednesday with gains of $0.85 to $1.77. Feeder cattle futures closed the day higher, after trading in the red early in the session. The front months ended with gains of 22 to 95 cents. The June 30 Feeder Cattle index was down another 29 cents to $129.13. Outside of the FCE, USDA reported moderate Wednesday cash activity mostly at $95. On Wednesday, live cash sales went $95-96 in all feeding regions, and dressed sales were $154 to $155. Wholesale boxed beef prices started July with more weakness. Choice boxes were down by $1.59 and select boxes were $1.47 lower, narrowing the Chc/Sel spread to $6.95. The WTD estimate for FI cattle slaughter through Wednesday is 363,000 head. That is just 1,000 behind the same week last year. The weekly USDA Export Sales report will be released at 7:30 AM CDT.

--- provided by Brugler Marketing & Management


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