Cattle Futures: Buoyant Markets Bring Highest Levels Since February17 October 2013
US - Futures were higher through most of the day across live cattle contracts, ending 20 to 80 cents higher.
October live cattle closed up 80 cents and December cattle closed 50 higher on the session and traded up to the highest level since February 7th.
The market recouped all of the losses from yesterday and more. A jump in beef prices late yesterday and ideas that cash cattle could trade up to $129.00 this week helped to support. Beef was up $1.28 on the session yesterday, according to CME analysts.
For the Cattle-on-Feed report which is unlikely to be released on Friday, traders see October 1st on-feed supply down 7.3 per cent from last year and this may have added to the positive tone.
Choice boxed-beef cut-out values (compliments of Urner Barry) were up 10 cents on the mid-day wire with select beef up 11 cents.
TheCattleSite News Desk