CME: Markets Enter Post 4th of July 'Doldrums'11 July 2013
US - Live cattle futures were under light pressure for the day and ended steady to 65 cents lower, with nearbys leading losses - August cattle down to $122.07.
Fundamental analysis: Futures saw light profit-taking pressure following yesterday's gains, as traders evened positions as they wait on cash cattle trade to begin, writes the ProFarmer team.
The bulls were disappointed with August Live Cattle's failure to follow through on yesterday's rally today, and that brought in some profit taking, write CME analysts.
The market ended up giving back most of yesterday's gains, although it did manage to stay well above yesterday's spike lows late into the session.
The near term cash market news has been less than stellar recently, with boxed beef prices falling to their lowest levels since late April, and cash cattle trading lower last week.
The long term outlook is more supportive with the forecasted decline in beef production over the next three months, but for now the market has fallen into the post 4th of July "doldrums."
The choice boxed beef cutout fell 62 cents to 194.37 this morning, but once again the select cutout higher, up 36 cents.
Today's estimated cattle slaughter came in at 124,000 head, versus 125,000 a week ago and 126,000 a year ago.
TheCattleSite News Desk