Live cattle futures experienced a significant drop on Wednesday, with prices falling between $3.50 and $3.75. This decline comes as cash sales in the northern regions ranged from $218 to $220, while the South saw prices around $224. The Fed Cattle Exchange online auction didnt record any sales for the 1,576 head offered, with live cattle bids at $220 to $221 and dressed bids at $340. Feeder cattle futures also closed lower, with nearby contracts losing between $4.50 and $5.Beef exports for August totaled 190.7 million pounds, the lowest volume for any month since June 2020 and the lowest for an August since 2015, indicating a slowdown in international demand. Managed money reduced their net long positions by nearly 8,800 contracts in cattle by the end of September, and speculators trimmed 752 contracts from their net long positions in feeder cattle.Analysts predict that October cattle placements will be down by 7.9% compared to last year, with marketings also expected to drop by 7.6%. The number of cattle on feed as of November first is projected to be 2.2% lower than last year, with the official report due out on Friday.

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