CME: June Futures Close Down $3 to $118.1501 July 2013
US - Live cattle futures ended 17 1/2 to 90 cents lower today, with nearbys leading losses with $3 drops closing June cattle on $118.15 amid light volume.
The market posted slight weekly gains, write ProFarmer analysts.
Gains in the live cattle market and steady cash trade this week will like keep traders on-watch for confirmation the market has put in a near-term low.
June cattle closed limit-down and this helped drag August futures lower on the day to close 90 points lower on the session but up 42 for the week. the market fell sharply early Friday as was holding a stiff premium to the cash market and news of 30 new deliveries helped to drive June lower and end-of-month liquidation added to the negative tone, write market experts at CME.
Traders indicated that cash cattle was bid at $117.00 with offers at $122.00-$123.00 this morning but cash traded in Texas at $120.00, steady from last week.
A more positive demand tone has helped support the rally of the past week as traders see strong consumer confidence and less price competition for the consumer dollar after the recent run at all-time highs for pork and higher poultry prices.
In addition, better consumer demand weather is seen for this weekend and next and this has helped support. Traders will monitor the hog report after Friday's close and the key grain reports at 11:00 cst for impact.
Boxed-beef cut-out at mid-session came in at $197.52, up $.14 on the day but down from $199.39 last week at this time.
Slaughter came in higher than expected at 125,000 head which could suggest that packer demand for live inventory is better than expected.
TheCattleSite News Desk