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Barchart
Barchart
Austin Schroeder

Cattle Traders Look to Round Out the Week

Live cattle futures saw some light rebound action on Thursday, with contracts up 30 cents to $1.35 at the close. Preliminary open interest was up 1,086 contracts. Cash trade saw some light action across the country at $239-240 so far this week. The Thursday morning Fed Cattle Exchange online auction showed no sales on the 1,646 head offered with bids at $238. Feeder cattle futures failed to see any bounce back on Thursday, as contracts were down $1.72 to $3.60 in the nearbys, falling lower into the close. The CME Feeder Cattle Index was back down $1.38 at $370.62 on October 22. 

On Thursday morning, the White House raised the tariff rate quota on Argentina beef imports to 80,000 MT from the 20,000 MT level. A report late on Thursday suggested the Mexican ag ministry was headed to Washington next week to discuss reopening the border that has been closed to cattle imports due to New World Screwworm 

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