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Cattle Mixed Mostly Lower

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Live cattle futures are higher in deferred contracts, with Feb ’21 up by 45 cents. The other front months are 45 to 72 cents lower ahead of the USDA COF report. Feeder cattle futures are up at midday with gains of 72 to 92 cents. The Feeder Cattle Index from CME was 19 cents lower at $126.60. Analysts USDA will show a decrease of 4-5% in cattle on feed from May ‘19. April Marketings are expected to 1.448m head (-14.95%). The average trade guess for April placements is 1.426m (-12.6%). Some individual estimates call for a 25% cut. USDA reported some light cash activity at $110 in TX. Most of the week’s cash sales were $115-$120, with the bulk $115-$117. Wholesale boxed beef prices were lower in the AM report. The Choice/Select spread widened to $24.81 as Choice boxes were down by $0.94 and Select boxes were $6.47 lower. WTD FI cattle slaughter was estimated at 397,000 head through Thursday.

Jun 20 Cattle are at $98.075, down $0.725,

Aug 20 Cattle are at $97.550, down $0.675,

Oct 20 Cattle are at $99.450, down $0.450,

Aug 20 Feeder Cattle are at $129.600, up $0.725

Sep 20 Feeder Cattle are at $130.875, up $0.750

Oct 20 Feeder Cattle are at $131.975, up $0.800

--- provided by Brugler Marketing & Management

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