Live cattle futures settled the Monday session with most contracts steady to 35 cents lower. Feeder cattle futures were mostly lower, with Nov 22.5 cents higher ahead of Thursday’s expiration. The CME feeder cattle index was 62 cents higher at $160.00 on November 10. Wholesale beef prices were lower on Monday afternoon. Choice was down $1.04 at $212.81, with select boxes 68 cents lower at $193.83. USDA indicated FI cattle slaughter for Monday was 117,000 head, matching week ago and 3,000 larger than the same Monday in 2016. The Cattle on Feed report will be released this Friday at 2:00 p.m. CST. Managed money spec funds added another 11,576 contracts to their net long position in live cattle futures and options. That net position was at 132,032 contracts for the week that ended November 7. Some of those new arrivals are now obviously under water.

Market Commentary provided by:

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