**Live Cattle Futures Decline on Wednesday**
On Wednesday, live cattle futures fell between 85 cents and $1.15, with the December contract closing at $230.300. The Fed Cattle Exchange online auction reported no sales from 1,708 listed heads, while a few early cash sales reached $229. Feeder cattle futures also dropped, with January contracts closing at $341.525, down $1.80.
Additionally, the Commitment of Traders report from the week ending December 2 revealed a reduction in spec funds’ positions, cutting 10,703 contracts in live cattle futures, resulting in a net long position of 82,208 contracts. The USDA is expected to release the December Cattle on Feed report on Friday, predicting an 8% drop in November placements and an 11.3% decline in marketings compared to last year. In the meantime, USDA wholesale boxed beef prices rose slightly, with Choice boxes priced at $356.09 and Select at $346.43, while cattle slaughter for the week was estimated at 349,000 head, 12,000 below last week.
