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Cattle Futures: December Closes Down, February Makes Gains, Wednesday

07 November 2013

US - Futures traded in a narrow band and closed mixed yesterday as December futures closed with losses and February finished up.

December futures list 2 1/2 cents  lower at $132.025 but February lifted by the same amount. This followed a weak opening to the market following reports of weaker wholesale beef prices. 

CME analysts said: "The lack of cash trade plus "hope" that cash can trade steady on the week with a higher showlist this week were factors which may have contributed to the early weakness."

Fears that consumer beef demand is struggling to see good movement above $200 and that this could slow movement of beef through the pipeline helped to keep a lid on the bounce, they added. 

Choice boxed-beef choice cut-out values at mid-session came in at $203.94, down $1.51 on the day and down from $205.68 last week.

However, select beef was up 60 cents to $190.58 from $190.09 last week.

Slaughter came in below trade expectations for the third day in a row at 119,000 head which is sometimes a sign of weak demand from the packer.

TheCattleSite News Desk

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