Cattle Futures: December Contract Closes With Gains For Week, Friday
US - Gains were supported on Friday as December cattle closed 72 cents up on the session and left the market up 32 cents for the week.
11 November 2013
1 minute read
Talk of the oversold condition of the market helped to support, write CME analysts. Ideas that the supply outlook will continue to tighten in the weeks ahead and that cash markets could rally helped to support.
With December and February holding just a slight premium to the cash market, fund traders were active buyers as economic news was supported and traders see any winter weather issues ahead as supportive.
The monthly USDA report was also supportive with 2014 production revised down by 60 million pounds and imports down by 375 million pounds.
Choice boxed-beef choice cut-out values at mid-session came in at $203.10, down $.89 on the day and down from $204.60 last week.
Beef production for the week came in at 486 million pounds, down from 497 million last week and down 2.7 per cent from last year.
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