CATTLE: HIGHER

Post 179 of 799

Cattle futures again traded a two-sided session yesterday and closed narrowly mixed, though many contracts did trade to new highs early in the session. The boxed beef market continues to trade firmer, up another $0.50 in the choice cutout index yesterday afternoon, which is what most in the industry have been looking for, packers in particular, for the past four to five weeks. On the cash cattle front, we have no news to report outside of the $2 over-the-top bids we have seen become commonplace in recent weeks. Official trade estimates for tomorrow’s COF report look like this: Nov. 1 on feed at 99.8% of a year ago, Oct. placements at 95.7%, and Oct. marketings at 92.6%. The on feed total has been creeping closer to year-ago levels for the past several months, though has not exceeded year-ago since Aug. 2012! We must be cognizant that year-ago levels were record small, and a slowdown in marketings has had as much to do with “increased” on feed counts as anything. November feeders will expire at 12pm CT today; the current CME feeder index sits at $240.10.

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