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(September 19, 1997) CATTLE: The release of the 7-State Cattle on Feed report confirmed heavy movement of cattle during August and a reason for beef prices being under pressure. Placements were surprisingly heavy at 107% of a year ago. Packers and feedlots will be at a stand off again on Monday as the report was friendly to near term trend and negative to the deferred outlook. Cutout values were lower again at noon. The USDA weekly meat production showed live weights up 8 pounds and carcass weights up 15 pounds from last year. Futures closed the week down 1.50 in October and down 1.22 in the December from last Friday's close. The report could pressure prices on the opening Monday but then go back trading other factors such as the cash cattle movement.
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