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Cattle Drop Hard Ahead of COF Report

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Thursday trading left the fat cattle futures board $2.02 to $2.62 weaker. Feeder cattle futures closed $1.75 to $2.02 lower. November feeders expired at $136.77. The 11/17 CME Feeder Cattle Index was down 17 cents to $137.38. USDA reported Thursday cash trade was light and sporadic using the full $106-$110 range. Cash sales in the beef were mostly $172, with some $170 and $171 reported. Wholesale boxed beef prices were higher on Thursday, widening the Chc/Sel spread to $23.81 cwt. Choice boxes were up another $1.86 and Select was up $0.27. Traders are expecting USDA to show lighter October placements (-8.9%) than a year ago in Friday's Cattle on Feed report, with overall on feed numbers higher (+1.8%). The weekly Export Sales report showed a strong 46,377 MT in beef bookings for 2020 shipment. USDA estimated the week’s FI cattle slaughter through Thursday at 478,000 head. That is 6,000 head more than last week and outpacing the same week LY by 5,000 head. 

--- provided by Brugler Marketing & Management  

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