Cattle Futures: Futures Finish Lower on Day and Down on Previous Week's Close, Friday04 November 2013
US - The week closed with moderate losses in place for live cattle as contracts finished below the prior week's close.
December cattle closed at $132.07, down 65 cents and 90 for the week overall.
There was some follow-through technical selling due to the weak technical action of the past few sessions, write CME analysts. This pressures the market early and the move outside of last Friday's range for the first time all week sparked some stop orders to pressure.
There was also some long liquidation selling early after the USDA Cattle-on-Feed report and Cold Storage report offered no bullish surprises and the move under yesterday's lows attracted some increased selling.
A lack of trade in the cash market kept the trade choppy but Texas finally traded at $132.00, steady against last week.
Choice boxed-beef cut-out values at mid-session came in at $204.33, down $.84 from yesterday but up from $200.97 last week. Slaughter came in right on trade expectations at 116,000 head.
TheCattleSite News Desk