Once again, the cattle markets came under serious pressure during yesterday's trading session. Live cattle futures officially settled 192 to 292 points lower on the day, but as trading continued into the afternoon, the Dec, Feb, and April contracts were all locked down the daily limit of 300 points and were synthetically trading an additional 70 points lower than that. Similarly, feeder cattle futures finished roughly 300 points lower and touched their daily 450-point limit in the afternoon hours. The sharp losses follow reports of some $119 cash cattle business in the South, combining with the mostly $188-189 dressed / $118 live trade in the North so far this week -- all down about $5 from last week's mostly $123-124 market. Boxed beef values printed lower yesterday as well, down $1.06 in the choice and $0.73 in the select. The weaker trend in cash cattle and wholesale beef values continues and has shown few signs of relenting. Given the losses late yesterday afternoon, expect a lower start in the cattle markets this morning.
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