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Cattle futures drop sharply

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At the Chicago Mercantile Exchange, live and feeder cattle were sharply lower on speculative and technical selling. April live cattle closed $3.10 lower at $183.10 and June live cattle closed $3.22 lower at $178.37.  April feeder cattle closed $5.00 lower at $245.45 and May feeder cattle closed $5.37 lower at $247.25. 

Direct cash cattle trade activity picked up Tuesday afternoon.  Some deals have been reported in Kansas at $186 live, but it’s too early and the week and too small of numbers to determine if that is an accurate price trend.   

Cattle futures drop sharply