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CME Live Cattle Slip on Softer Cash, Beef Prices
USAgNet - 11/17/2017

Chicago Mercantile Exchange live cattle futures on Thursday reversed some of Wednesday's gains, led by weaker cash and wholesale beef values, traders said.

Some market participants tweaked positions before Friday's U.S. Department of Agriculture (USDA) monthly Cattle-On-Feed report.

Reuters reports that December live cattle finished 0.650 cent per pound lower at 119.550 cents, and February ended down 0.625 cent to 125.125 cents.

This week slaughter-ready, or cash, cattle in the U.S. Plains fetched mostly $119 per cwt, down from $122 to $125 a week ago, said feedlot sources.

Processors balked at paying more for cattle given their declining margins and plant closures over the Thanksgiving holiday.

Cash prices were further pressured by beef demand that tends to struggle at a time when ham and turkey garner the retail spotlight during the year-end holidays.

Export sales is another indication that meat demand has slowed, which is affecting the cattle and hog markets, said Hoops.

On Thursday, USDA's export sales report for the week ended Nov. 9 showed U.S. beef exports at 9,300 tonnes, down 45 percent from the week before and down 42 percent versus the prior four-week average.

Live cattle future's pullback and this week's sharply lower cash feeder cattle prices pressured CME feeder cattle.


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