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Surge in corn drives feeder cattle, hogs lower

At the Chicago Mercantile Exchange, live cattle ended the day higher on short covering ahead of widespread direct cash business.  Feeder cattle futures were pressured by the move higher in corn after the USDA adjusted its crop projections for the year.  August live cattle closed $.52 higher at $106.82 and October live cattle closed $.70 higher at $107.85.  August feeder cattle closed $1.70 lower at $138.12 and September feeder cattle closed $1.12 lower at $138.60.  Direct cash cattle trade activity is at a standstill.  Bids and asking prices are not fully established, although there have been a few starter bids floated in Nebraska at $185.  There were just a handful of deals reported in Nebraska at $182 dressed, but not near enough to establish a trend.  Wednesday’s Fed Cattle Exchange has an offering of 323 head.

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