Cattle Futures: Choppy Futures Finish Narrowly Mixed, Monday
US - Prices fluctuated yesterday ending narrowly mixed with October live cattle closed at $130.12, 25 cents higher.
22 October 2013
1 minute read
ProFarmer analysts report limited pressure on live cattle as cash prices were strong, reported as $131 in the Plains.
December cattle closed slightly lower on the session after choppy and two-sided trade with another day of a very small range, write CME experts.
Traders remain nervous over Thursday's sweeping reversal but the market has still not confirmed the technical top with a move under Thursday's lows at 131.32.
A jump in beef prices helped to support the market but traders remain concerned that near record high prices will discourage consumer demand and limit the advance.
Choice boxed-beef cut-out values from the USDA on the mid-day wire came in at $197.98, up $1.69 from yesterday.
Higher beef could encourage packers to pay-up for cash cattle this week and this may have helped support the market early today.
Slaughter came in well below trade expectations at just 120,000 head.
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