CME: Cattle Closed Lower on Thursday04 October 2013
US - December cattle closed 5 lower on the session after traded 50 lower near the pit opening.
The break in the stock market and talk that an extended government shut-down could cause consumer sentiment to decline helped to pressure.
Packer margins were weak coming into this week and the lack of packer bids with futures trading well above the cash has sparked some long liquidation selling.
Strength in hogs helped to provide support and helped pull the market from lower to slightly higher on the day into the mid-session.
Talk that cut-out values were higher at mid-session helped to support the market late.
Bids in the panhandle improved to $126.00 today and there was talk that some cattle traded at this price and that a few cattle traded at $126.00 in Kansas. Asking prices are $128.00-$129.00.
TheCattleSite News Desk