The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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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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