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On November 6, live cattle futures closed significantly higher with Dec 25 Live Cattle at $228.550 (up $7.200) and feeder cattle futures also reported gains, particularly Nov 25 Feeder Cattle closing at $335.650 (up $9.250). Expanded limits for trading on Tuesday will be $10.75 for live cattle and $13.75 for feeders. The USDA reported that Monday’s federally inspected cattle slaughter was 113,000 head, 4,000 head above the previous week and 713 head above the same week last year.
President Trump announced on social media that he has requested the DOJ to investigate meatpacking companies for alleged collusion and price manipulation following the close on Friday. This garnered a friendlier market reaction compared to prior posts.
In the USDA Wholesale Boxed Beef report, the Chc/Sel spread narrowed to $17.62, with Choice boxes increasing by 92 cents to $377.32, while Select boxes decreased by $1.39 to $359.70.
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