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Cattle Recover in Afternoon Portion

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After touching triple digit losses earlier in the session, live cattle futures recovered and closed mostly higher. Dec stayed 15 cents in the red at the closing bell, but the other front months were 2 to 25 cents in the black. Feeder cattle futures closed 27 to 95 cents lower. The 11/18 CME Feeder Cattle Index was $137.51, up by 13 cents. USDA confirmed cash sales for the week were $105 to $111, with most sales taking place at $110. Northern dressed deals were $170-$172 mostly near $172. Wholesale boxed beef prices were reported higher in the PM update. Choice was $238.35 per hundred up by 65 cents, and Select was $1.09 higher to $214.98 cwt. USDA reported 11.973m head of cattle were on feed on November. That was the largest November inventory on record. October marketings were posted at 1.873 million head, slightly below last year. Just 2.192m head were placed in October, which marked the third lowest on record for the month. Trade was expecting a 9% drop yr/yr instead of the 11% actual. CFTC data showed a third consecutive week of cattle spec short covering. On net on 11/17, cattle spec traders were 37,934 contracts long, up 9,947 wk/wk. In feeders, managed money covered 1,436 shorts, but remained 812 contracts net short. USDA estimates the week’s FI cattle slaughter at 665k head through Saturday. That is down 3,000 from last year, but up from 653k last week.

Dec 20 Cattle are at $108.100, down $0.150,
Feb 21 Cattle are at $110.650, up $0.125,
Apr 21 Cattle are at $114.450, up $0.250,
Jan 21 Feeder Cattle are at $134.600, down $0.950
Mar 21 Feeder Cattle are at $134.375, down $0.575
Apr 21 Feeder Cattle are at $136.175, down $0.400

 --- provided by Brugler Marketing & Management 

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