Cattle Futures: Futures Rebound After South Korean Zilpaterol Effect11 October 2013
US - Futures trading posted 20 to 35 cent gains after yesterday's losses over South Korea's decision to suspend buying US beef containing feed additive zilpaterol.
October live cattle closed at $128.30, up 30 cents. December cattle closed higher and recouped much of yesterday's losses.
The market was trading 30 higher on the day into the mid-session and managed to take out yesterday's highs into the pit opening, say CME reporters.
More talk that cash cattle should trade higher this week due to a smaller showlist in Texas helped to support.
In addition, a surge higher on the stock market helped to support ideas that consumer demand could remain firm just ahead helped to support.
A sharp break in corn sparked an aggressive move higher for November feeder cattle which posted another new all-time high at 167.60.
Choice boxed-beef cut-out values (compliments of Urner Barry) were up 33 cents on the mid-day wire with select beef down 24 cents.
TheCattleSite News Desk