Cattle Futures: Selling Slows Monday, Contracts Close Higher
US - Selling slowed on Monday morning and December live cattle closed at $131.60, up 17 cents.
10 December 2013
1 minute read
February cattle closed 20 higher on the day and 25 or so off of the highs. This took the contract to $133.050, report CME analysts.
All contracts finished higher, up until April 2015, which closed unchanged.
Fears that speculative long liquidation which was so prevalent last week could ease-up this week helped to support, added market commentators.
Traders credited the buying to cold weather and some short-covering after last week's collapse.
Ideas that beef demand is weak and a steady cash market last week helped to spark the long liquidation sell-off last week but the market managed to see a slowdown in the selling this morning with some hope that holiday demand will emerge.
Boxed-beef cut-out values were up $1.31 at mid-day to $202.78.
The estimate cattle slaughter came in 119,00 head for today which is below trade expectations but this could be due to poor weather in some areas.
TheCattleSite News Desk
