Packer BFT was offered out and untraded this afternoon at the previous low end of the trading range. Bids and offers outside of the Chicago market were quiet, but a negative tone persists. Buyers and sellers are likely going to be very motivated to get business wrapped up early this week in an effort to get ahead of the Thanksgiving holiday logistics. 

For the week ending November 20^th, 2021, cattle slaughter is forecast at 660,000 head, a 0.9 percent decrease from 2020, a 0.8 percent increase from the previous week and a 1.2 percent drop from 2019. Labor declines have limited the possible upside for production in the fourth quarter, even with adequate market ready cattle. According to the USDA Actual Slaughter Under Federal Inspection for October 30^th, average live weights are currently at 1,380…