Live cattle futures traded lower yesterday, settling down mostly $0.25 to $0.75, while feeder cattle futures settled from $0.07 lower to $0.80 higher. All-in-all, it was a fairly calm trading session as the both markets return Tuesday's big gains. There has been some cash cattle business in the North at $140 live, which although a couple of dollars lower than the official USDA print for Northern values last week, would only be steady to slightly lower than the business we heard about. There is still no business to report in the South. The boxed beef markets slid back to the downside yesterday, dropping $0.41 in the choice and $0.60 in the select. Both indices are lower on the week, as they continue their sideways to lower trend. Do remember that today at 11:00 CT, we'll have the USDA's monthly supply and demand data. Market risk is primarily tied to the potential of sharp moves in the feed markets, but they'll also be updating beef production and import/export estimates. Live cattle are expected to start out slightly lower, while feeder cattle open mixed.
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