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Live cattle futures declined by $1.02 in December, settling at $225.80, while feeder cattle futures rose by 92 cents to $1.50 at midday. The Fed Cattle Exchange auction reported no sales among the 1,280 head offered, with bids ranging from $222 to $225.50. As of December 8, the CME Feeder Cattle Index increased by $1.44 to $344.50.
Data from the Commitment of Traders showed managed money reduced their net long positions by 8,007 contracts, totaling 108,348 contracts as of November 4. Additionally, feeder cattle positions saw a decrease of 3,560 contracts among spec funds, bringing their total to 17,763 contracts.
As of Wednesday morning, USDA Wholesale Boxed Beef prices have decreased, with Choice boxes down $2 to $359.04 and Select boxes down $1.60 to $346.43. USDA estimated cattle slaughter at 123,000 head on Tuesday, with a weekly total of 238,000, which is 1,000 head above the previous week but 191 head below the same week last year.
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