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CME: August Futures Close Down 15 Cents With October Up and December Unchanged, Thursday

12 July 2013

US - Live cattle futures traded in very narrow ranges with the August closing down 15 cents to $121.92, October up 5 cents and December unchanged.

The market continues to wait for direction from the cash market, which remains at a standstill with spreads as wide as $5 between bid and offers, write ProFarmer experts.

October live cattle closed near unchanged today after a choppy, two-sided day. The weekly export sales report, released before the opening, was somewhat supportive, say market analysts at CME.

Beef sales for the week ending July 4 came in at 14,600 metric tonnes, above the prior 4-week average of 13,600.

Still, cumulative sales for 2013 are running well behind last year, having only reached 440,100 metric tonnes, down -17.2 per cent  from last year's pace.

The midday boxed beef report was slightly supportive for a change; the choice cutout increased 4 cents to $193.11.

The cutout had declined for the past four sessions.

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