CME: August Trading Concludes With Generally Lower Prices, Friday02 September 2013
US - August trading closed down 85 cents on Friday to conclude the month at $122.70, feeder futures also ended the week lower compared to the previous week.
December cattle closed 22 higher on the session and managed to close 125 points higher on the week, write CME market analysts.
The market inched higher in quiet trade into the pit opening and traded slightly above Thursday's highs but then traded slightly lower on the day into the mid-session.
A lack of cash cattle trade so far this week, a weak US stock market and end of the month long liquidation selling were are factors which helped to pressure. Cash market trade emerged at mid-session at $123.00 in Texas and Kansas, unchanged on the week.
This helped to pressure the October contract to close lower on the day and just 10 points higher for the week. Weakness in grains, metals and energy markets added to the negative tone into the mid-session.
Boxed-beef cut-out values at mid-session came in at $195.68, down 3 cents on the day and down from $196.19 last week at this time.
Slaughter came in right on trade expectations at 121,000 head.
Beef production for the week was estimated at 500 million pounds, down 1 per cent from last week and down 1.2 per cent from last year.
TheCattleSite News Desk