The cattle markets got off to a strong start yesterday, rallying a quick 200 points or so off the lows, before some late-day pressure eroded hopes for a "Turnaround Tuesday". The only contract to finish higher was the nearby Dec live cattle contract. The rest finished lower, including some significant 100+ point losses in the deferred live cattle contracts and 200+ point losses in most of the feeder cattle contracts. And futures fell further after the 1:00 CT settlement, setting us up for a lower start again this morning. Some cash cattle business was seen in the North yesterday at $188-189 dressed, down from the prior week's $194ish trade. The boxed beef markets managed a higher print yesterday, climbing $1.27/cwt in the choice and $0.37/cwt in the select, but the industry continues to fret about the state of demand. The 10 deliveries posted on Monday night were re-tendered last night, along with two new loads, all to Worthing, SD.
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