Cattle Futures: Live Cattle Close Higher With Nearer Months Highest, Monday15 October 2013
US - Live cattle closed higher with gains narrowing in far deferred contracts as feeder cattle closed mostly lower.
October live cattle closed 65 cents higher to $129.45 as gains were as great as 72 1/2 cents through to February.
December cattle closed 67 higher on the session and near the highs of the day. The active speculative buying pushed the market up to the highest level since February 8th, write CME analysts.
Ideas that cash cattle will continue to trend higher into November as beef production begins to shift down to near 5 per cent under last year helped to support.
Cash cattle traded at $128.00 in Kansas and Texas last week which was up $2.00 from the previous week. A lack of new deliveries added to the positive tone. November feeder cattle posted another new all-time high at 169.95.
Choice boxed-beef cut-out values (compliments of Urner Barry) were up 55 cents on the mid-day wire with select beef up 37 cents. Open interest was up for the 4th session in a row and up to the highest level since May 20th.
TheCattleSite News Desk