Cattle Futures: October Cattle Settle Lower With Deferred Contracts Mixed, Tuesday02 October 2013
US - This month's live cattle futures settled lower yesterday as longer term contracts closed narrowly mixed.
October contracts dropped 60 cents to $127.25 while December cattle edged lower on the day, right on the highs, as it did on Monday, say CME analysts.
Non beef prices were reported because because of the close of the government yesterday, which is the same for slaughter figures.
The market was trading near 57 lower on the day into the mid-session but recovered nearly all of the losses and also experienced an inside trading day.
Speculative selling helped to push the market lower as traders see increased uncertainty on many cash market information data over the near-term as a reason to step to the sidelines.
Cash price data and production news will not be reported as long as the government is closed and this added to the negative tone.
The premium of futures over the cash market and continued talk of the overbought technical condition of the market was also seen as a factor to limit the advance.
Boxed-beef cut-out values were up 62 cents to $193.25 yesterday.
TheCattleSite News Desk