Cattle Futures: December Futures Close Seven Cents Lower, Tuesday
US - A choppy trading day ended with front contracts slightly lower, say reports from the Chicago Mercantile Exchange.
13 November 2013
1 minute read
The market traded from slightly higher early in the day to slightly lower on the session into the mid-day. December cattle closed seven cents lower, at $132.67.
A bounce in feeder cattle due to lower corn values helped to support the market early. However, March feeders gave up all of the strong early gains to close lower, write CME analysts.
Ideas that the two-day bounce off of Friday's lows was overdone helped to spark some long liquidation selling. Traders see choppy and sluggish beef prices for another week or so at the most but see higher beef prices once end user bookings begin to increase for the December holiday season.
Boxed-beef cut-out values at mid-session came in at $202.57 which is down 22 cents in the day and down from $205.56 last week.
Cash is expected to come in about steady this week.
Slaughter came in right on trade expectations at 121,000 head. The pushed slaughter for the week to 230,000 head which is down from 242,000 head last year.
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