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Cattle Market Sees No Expansion in US Herd

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Live cattle futures posted 20 to 77.5 cent gains in most contracts on Friday. Feeder cattle futures were up 30 to 55 cents. NASS reported all cattle and calves at 103 million head, unch from last year. Beef cows were also steady at 32.4 mil head, with replacement heifers at 4.4 mil head, down 4.3% from last year. July 1 cattle on feed were shown up 1.75% from last year at 11.485 mil head, with June placements down 2.34% at 1.756 mil head and marketings down 3.04% at 1.945 mil head. The CME feeder cattle index was down $1.33 @ $138.67 on July 18. Wholesale boxed beef prices were higher on Friday afternoon with Choice boxes up 8 cents per cwt at $213.42 and Select boxes 90 cents higher @ $189.51. USDA estimated week to date FI cattle slaughter at 651,000 head through Saturday. Cash trade last week was mostly $111 in the South and $182-185 dressed in the North. After 11 weeks of liquidation, managed money added back 3,690 contracts to their CFTC net long position to put it at 25,443 contracts on Tuesday.

--provided by Brugler Marketing & Management

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