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Live cattle futures surged on Monday, rising by $7 to the $7.25 limit, while feeder cattle futures increased by $9.25. The CME Feeder Cattle Index decreased by $1.86, reaching $345.96. The USDA reported federally inspected cattle slaughter at 555,000 head, 4,000 below the previous week and 65,666 shy of the same week last year.
President Trump called for a DOJ investigation into meatpacking companies for alleged price manipulation practices following the close of trading on Friday. Last week’s cash trade ranged from $225-230 in the north and $230-232 in the south.
The USDA’s Wholesale Boxed Beef prices showed mixed results, with Choice boxes rising by $1.83 to $378.23 and Select boxes up 95 cents to $362.04, while the Chc/Sel spread narrowed to $16.19.
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