CME: Futures Close Down With October and December Up, Monday17 September 2013
US - Futures finished mixed on Monday with October up 30 cents to $125.55 and December cattle slightly higher.
Other contracts closed down, despite analysts reporting a bullish start to trade.
December and February cattle could not hold onto early gains and closed lower on the day and near the lows, write CME analysts. The market pushed slightly higher on the session into the mid-day as a surge higher in the US stock market and a sharp drop in the US dollar helped to provide some outside-market support.
Traders see cooler weather and more consumer confidence as reasons to suspect better beef demand ahead.
Weakness in the beef market late last week was seen as a negative factor and cash cattle traded steady last week and traders will monitor the cash market closely this week after very little activity last week.
Boxed beef cutout values were down 79 cents at mid-session Friday and closed $1.16 lower at $192.69. This was down from $195.23 the prior week and is the lowest beef market since August 14th.
Slaughter came in well below trade expectations at 116,000 head.
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