Cattle futures lower as direct business unfolds

Cattle futures lower as direct business unfolds

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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