Chicago Live Futures Settle 35 to 72 Cents Higher, Tuesday25 September 2013
US - Boxed beef trade was light to steady yesterday with live cattle contracts closing 35 to 72 points higher.
October live cattle settled up the highest at $127.32. Analysts have given Monday's cold storage report that showed much lower inventory levels than generally anticipated.
December cattle closed 72 cents higher on the session and experienced the highest close since March 1st, write market analysts for the CME. The market closed higher for the fifth session in a row and managed to decisively slice through resistance at the August highs.
The bullish Cattle-on-Feed report Friday afternoon, a bullish cold storage report late yesterday and news of higher beef prices are all factors to support the higher trade.
CME experts say that a surge higher in hogs and continued talk of tightening supply ahead helped to support the market as well.
Boxed-beef cut-out values at mid-session today came in at $193.82, up 27 cents from the previous session and up from $193.01 last week.
Slaughter came in right on trade expectations at 123,000 head.
TheCattleSite News Desk