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Cattle Futures: Live Cattle Close Lower, Monday

01 October 2013

US - Live futures closed near session highs ranging from forty cents lower for October cattle, down to $127.85 as trading was pressured by talk of cash cattle at $2 higher.

December cattle closed just 10 lower on the session and recovered from showing losses of up to 72 points on the day into the mid-session, write analysts at CME.

The market opened the pit session down just 17 on the day but pushed moderately lower on the day into the mid-session and down 60 lower on the day.

A bearish Hogs and Pigs report, weakness in the US stock market and ideas that cattle futures are overbought after closing higher for the previous 8 trading sessions helped to spark some of the long liquidation selling pressure.

In addition, traders see cattle futures at a stiff premium to the cash market.

Boxed-beef cut-out values at mid-session today came in at $193.63, up $1.00 from the previous session and up from $193.55 last week.

Slaughter came in below trade expectations at 118,000 head.

TheCattleSite News Desk

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