Cattle Futures: Prices Steady to 50 Cents Higher, Friday14 October 2013
US - Live cattle closed higher on the October contract, closing to $128.800 amid reports of light cash cattle trade.
December cattle closed 30 higher on the session and up just 5 points for the week, finishing on $128.300, write CME analysts.
The market traded as much as 67 higher on the day and up to the highest since February 8th into the mid-session but could not hold the strong gains.
Ideas that cash cattle can trade higher on the day and speculative buying helped to drive futures higher. February and April cattle also pushed to new highs for the move. Another jump in the stock market today added to the positive tone as traders see firm consumer confidence if there is a deal in Washington.
A sharp break in corn to a new 38 month low sparked an aggressive move higher for November feeder cattle which posted another new all-time high at 169.72.
Choice boxed-beef cut-out values (compliments of Urner Barry) were down 4 cents on the mid-day wire with select beef down 4 cents as well.
TheCattleSite News Desk