Live cattle futures settled Thursday mixed, with nearby Dec down 45 cents. Feeder cattle futures were mostly 35 cents to $1.15 higher due to cheaper corn prices. The CME feeder cattle index was 3 cents lower at $158.98 on November 8. Wholesale beef prices were lower on Thursday afternoon. Choice was down 39 cents at $212.74, with select boxes 59 cents lower at $198.30. Estimated weekly FI cattle slaughter through Thursday was 464,000 head, 3,000 fewer than the previous week and 2,000 head above the same week last year. The FAS reported export sales of 16,773 MT for 2017 during the week of 11/2, down 14.1% from last year. The USDA trimmed fourth quarter 2017 beef production 150 million pounds to 6.965 billion pounds. The 2018 beef production estimate was raised 325 million pounds to 27.6620 billion pounds.

Market Commentary provided by:

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