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Live cattle futures surged on Friday, with contracts rising between $1 and $2.60. December options expired today, and cash trade started with prices between $220 and $222 in the northern U.S. The Fed Cattle Exchange online auction reported dressed sales at $345 for 245 of the 1,428 heads offered. USDA estimated the Thursday slaughter at 121,000 head, bringing the weekly total to 475,000, which is 9,974 head shy of the same week last year.
Separately, Brazilian beef exports for November reached 318,493 metric tons, an increase of over 90,000 metric tons compared to the previous year. The USDA also reported a decline in Wholesale Boxed Beef prices, with Choice boxes down to $362.68 and Select at $349.48.
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