CME: Futures Close Higher Except April Which Finished 5 Cents Lower, Wednesday26 September 2013
US - October live cattle settled at $127.55, up 22 cents with most contracts apart from April which ended five cents lower.
December and February cattle closed slightly higher on the day and well off of the early highs, say CME analysts.
The market has closed higher for the 6th session in a row. The early rally pushed the market up to the highest level since March 5th.
Talk of the overbought condition of the market short-term plus the big premium of December to the cash market were factors which may have limited the buying support.
Some cash market bids emerged at $123.00 in Texas with no offers yet for the week. Cash traded $124.00-$125.00 last week.
While packer margins are weak, packers may not be too confident in availability down the road and the showlist is smaller this week so traders believe cash can trade steady to higher this week.
Boxed-beef cut-out values at mid-session today came in at $193.32, down 45 cents from the previous session but still up slightly from $193.29 last week.
Slaughter came in near trade expectations at 123,000 head.
TheCattleSite News Desk