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Live cattle futures rose by $2.50 to $3.05 on Friday, but concluded the week with an overall loss of $8.32. The Central Stockyards Fed Cattle Exchange auction reported sales between $228 and $230 on 160 of the 1,228 head offered, with Northern sales averaging $230-230.50 and Southern sales at $232. Meanwhile, feeder cattle futures increased by $2.80 to $4.35, while the CME Feeder Cattle Index decreased by $1.86 to $345.96 on November 6.
In related news, President Trump called for a DOJ investigation into meat packing companies, claiming they are engaged in illicit collusion, price fixing, and manipulation. Additionally, USDA’s weekly cattle slaughter totaled 555,000 head, down 4,000 from the previous week and 65,666 lower compared to the same week last year.
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