Cattle Futures: October To February Contracts Close Higher as Deferreds Post Losses25 October 2013
US - Futures finished mixed with October, December and February closing higher and deferred contracts posting losses of 7 1/2 to 35 cents.
This was amid $132 cash market prices in Texas and Kansas and extended to a $1.00 increase in the October contract which moved to $132.80.
December cattle closed slightly higher on the day with an inside trading session. A surge higher in hogs helped to support but a set-back in beef prices was enough to offset.
Higher beef prices yesterday and a tightening supply outlook have helped to support active speculative buying.
Cash cattle traded at a record high $132.00 this week and a further advance in beef prices yesterday helped to support.
Weekly U.S. beef export sales for the week ending October 3rd came in at 10,400 metric tonnes, compared with the prior 4-week average of 15,120. Cumulative sales for 2013 reached 628,500 metric tonnes, down 14.3 per cent from last year's pace.
Choice boxed-beef cut-out values from the USDA on the mid-day wire came in at $200.40, down $0.39 from yesterday.
Slaughter came in slightly below trade expectations at 118,000 head.
TheCattleSite News Desk