At the Chicago Mercantile Exchange, live and feeder cattle were lower watching direct business develop. April live cattle closed $.12 lower at $162.30 and June lives closed $.25 lower at $155.90. April feeders closed $.32 lower at $194.37 and May feeders closed $.77 lower at $198.77.
There was a moderate round of direct cash cattle business reported on Wednesday. Live deals were marked at $163 in the South, $1 lower than the prior week’s weighted averages. Dressed business in the North was marked at $264 to $265, steady to $1 higher than the previous week’s weighted average basis in Nebraska. At least some additional business is expected to take place over the balance of the week.
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