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Cattle Market Rocket Loses Momentum

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On Wednesday, April cattle extended the gains by $2.30, but the Jun and Aug contracts closed with $0.70 and $1.07 losses respectively. April is still only $108.52 vs. cash as high as $120.50. Feeder cattle futures were also mixed yesterday, with near expiration March feeders $1.85 higher at the close. March feeder futures expire at the close today. The other nearbys finished Wednesday $0.40 to $1.35 lower. The March 24th CME Feeder Cattle Index was $5.21 higher to $123.44. FCE sold 2,451 of the 5,886 head listed. The weighted average of sales was $118.51, with some as high as $120 and $120.5. USDA reported some cash trades in the South and NE at $119 - $120, with the bulk at $120. Wholesale boxed beef prices were lower on Wednesday. Choice boxes were $1.01 lower, and Select boxes were down by $2.39. The Chc/Sel spread is $12.21. Estimated cattle slaughter under federal inspection is at 361,000 head through Wednesday. That is 2,000 head above both last week, and the same week last year’s pace.

--- provided by Brugler Marketing & Management

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