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On Wednesday, live cattle futures increased by $1.50 to $2, while feeder cattle futures saw gains between $3.35 and $3.90. The CME Feeder Cattle Index rose by $12.66 to $332.36. However, the Fed Cattle Exchange auction reported no sales out of 1,508 head offered, with bids at $217.50-$220 live and $325-$326 for beef.
Data from the CFTC for the week of October 21 indicates that managed money raised its net long positions in live cattle futures and options by 1,147 contracts to a total of 124,901 contracts. In contrast, the net long positions in feeder cattle were trimmed by 797 contracts to 24,727 contracts.
USDA reported a total of 122,000 cattle slaughtered on Tuesday, with a weekly total of 237,000, which is 8,000 head below last week and 6,214 head less than the same week last year. Wholesale Boxed Beef prices rose, with Choice boxes up 68 cents to $365.40 and Select up $2.31 at $353.09.
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