CME: Futures Rebound to Bring Three Week Highs, Friday29 April 2013
US - A three week high in the markets was seen on Friday with grain and hogs helping support the upturn.
June cattle closed 30 lower on the session and this left the market up 1.30 on the week, write market reporters from the Chicago Mercantile Exchange.
The market traded as much as 37 lower on the day into the pit opening but managed to trade slightly higher on the day into the mid-session.
The bounce pushed the market up to the highest level since April 4th. Early weakness may have been sparked by the weakness in the US and global stock markets and news of 12 deliveries against the April contract.
Buyers are hesitant to extend positions until there is a better indication of cash cattle trade. A bounce in grains and a rally in hogs helped support the bounce into the mid-session.
News that cash cattle traded at $128.00 in Texas failed to spark selling or buying and the market saw choppy trade late.
Choice boxed-beef cut-out values at mid-session were up 27 cents to $191.81 as compared with $190.10 last week at this time.
TheCattleSite News Desk