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Cattle Finish Lower After Cattle on Feed Report

Published on: 16:25PM Dec 23, 2017

Cattle Commentary:  Cattle futures finished the week on a soft note thanks to a more bearish than expected USDA Cattle on Feed report.  February live cattle finished Fridays session down .95 at 118.725; this put the weekly loss at 2.475 in a range of 3.80.  January feeder cattle finished Fridays session down 1.125 at 141.80; this is 6.15 lower from the previous Fridays close.  Yesterday’s report showed cattle on feed at 108%, this compares with range of estimates from 105.6-107.4.  Placements came in at 114%, this compares to the range of estimates from 99.2-111.0 and is the largest placement number for the Month of November since 2007.  Marketed came in at 103, this compares with the range of estimates from 101.6-103.5; this was the largest November read since 1996.  The bulk of the cash trade came in at 120 and 190 for dressed.

 

PM Boxed Beef                      Choice             Select 
Current Cutout Values:          199.56             187.88
Change from prior day:         1.44                 1.01
Choice/Select spread:           11.68

 

Cattle Technicals:  Cattle futures have managed to consolidate around the 100-day moving average which comes in at 119.60 which is in-between significant support and resistance levels We have been watching......Please sign up for a Free Trial to see our entire technical outlook and proprietary bias and levels.

 

 

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