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Live cattle futures are trading between $1.40 and $1.70 higher at midday, with cash trade reported at $225-228 across the U.S. last week. Feeder cattle futures rose between $1.35 and $4.65. The CME Feeder Cattle Index increased by $1.31 to $343.73 as of November 13. The USDA reported a cattle slaughter figure of 576,000 head for last week, 16,000 above the previous week but down 32,810 from the same week last year.
The Biden administration announced a reduction in tariffs on several food imports, including beef, though Brazil still faces a 40% tariff. The weekly OKC feeder cattle auction is expected to sell approximately 7,000 head, with early demand deemed good. USDA Wholesale Boxed Beef prices fluctuated, with Choice boxes decreasing to $369.99 and Select boxes increasing to $354.97, narrowing the Chc/Sel spread to $15.02.
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