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Supply concerns pressure hog futures

At the Chicago Mercantile Exchange, cattle futures closed steady ahead of widespread direct cash business.  The market is optimistic cash business will end the week strong.  Feeder cattle were pressured by the day’s firm move in corn.  February live cattle closed $.10 higher at $124.97 and April live cattle closed $.45 higher at $126.37.  January feeder cattle closed $.62 lower at $146.12 and March feeder cattle closed $.17 lower at $144.90.

A light direct cash cattle trade started late in the day.  A handful of deals have been reported in Nebraska at $197, $2 higher than the previous week’s weighted averages.  Heading into the end of the day bids were still at $120 to $122 live and $194 to $197 dressed with asking prices holding firm at $125 to $126 live and $200 plus, dressed.    

Boxed beef closed lower on light demand and moderate offerings.  Choice closed $1.50 lower at $212.46 and Select closed $1.50 lower at $206.27.

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