CME: Cattle Futures Closed Lower Wednesday03 October 2013
US - December cattle closed slightly lower on the day after choppy and two-sided trade early.
A lack of news on beef prices, slaughter and non-negotiated cash market trade left traders unwilling to press the long side or the short side.
While cash traded $126.00 last week, longs are a bit nervous that the premium structure could limit any new buying; especially if beef prices are uncertain. The tone in the cash market is still firm with offers at $128.00-$129.00 but still no bids on the week.
End cuts could be trading a bit higher which would suggest that boxed-beef prices are likely higher from Monday.
Boxed-beef cut-out values were $193.25 on Monday but will not be reported until the government reopens.
The CME announced that the government shutdown will not effect deliveries against the October futures.
TheCattleSite News Desk