Cattle Futures: Live Cattle Close Lower, Monday01 October 2013
US - Live futures closed near session highs ranging from forty cents lower for October cattle, down to $127.85 as trading was pressured by talk of cash cattle at $2 higher.
December cattle closed just 10 lower on the session and recovered from showing losses of up to 72 points on the day into the mid-session, write analysts at CME.
The market opened the pit session down just 17 on the day but pushed moderately lower on the day into the mid-session and down 60 lower on the day.
A bearish Hogs and Pigs report, weakness in the US stock market and ideas that cattle futures are overbought after closing higher for the previous 8 trading sessions helped to spark some of the long liquidation selling pressure.
In addition, traders see cattle futures at a stiff premium to the cash market.
Boxed-beef cut-out values at mid-session today came in at $193.63, up $1.00 from the previous session and up from $193.55 last week.
Slaughter came in below trade expectations at 118,000 head.
TheCattleSite News Desk