Limit Losses in Cattle Market.

Live cattle futures dropped on Monday by full limits in April and June, the Feb futures also closed minus $2.60. The USDA COF report was seen as neutral, but did show a concentration of heavy weight placements. Concerns about consumption losses from the Wuhan virus were also traded. Nearby feeder cattle futures also closed with limit losses, the in delivery Jan futures finished a nickel higher. Live cattle futures and feeder futures will trade with expanded limits tomorrow. The CME Feeder Cattle index from 01/24 was 54 cents lower to $144.30. Afternoon boxed beef prices were lower, tightening the spread. Choice boxes were 90 cents lower, but Select boxes fell by 20 cents. USDA estimated Federally Inspected cattle slaughter at 122,000 head, which is even with last week and 3,000 head above last year.

Feb 20 Cattle closed at $122.250, down $2.600,

Apr 20 Cattle closed at $121.300, down $3.000,

Jun 20 Cattle closed at $113.025, down $3.000,

Jan 20 Feeder Cattle closed at $141.900, up $0.050

Mar 20 Feeder Cattle closed at $135.175, down $4.500

Apr 20 Feeder Cattle closed at $138.000, down $4.500

---provided by Brugler Marketing & Management

Market Commentary provided by:

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