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Cattle Futures: Quiet Trading Sees 10 to 47 Cent Gains, Wednesday

21 November 2013

US - December live cattle closed up 10 cents to £131.05 after a limited afternoon's trading.

December cattle closed up 10 on the session and February up 27 on the day, report CME analysts.

The mid-session break had February cattle down as much as 42 on the day and down to the lowest level since September 20th but buyers emerged to support.

The long liquidation trend continued for the third session in a row into the mid-session but selling dried up with higher trade in beef prices.

Talk of the oversold condition after this week's break helped to support the market early and February cattle traded as much as 57 higher on the day.

Choice boxed-beef cut-out values at mid-session came in at $199.55 which is up $.53 from yesterday but still down from $203.01 last week.

For the Cattle-on-Feed report on Friday, traders see November 1st on-feed supply near 94 per cent of last year.

Placements for October are thought to be up near 9 per cent from last year and marketings slightly up from last year.

Slaughter came in well below trade expectations at 114,000 head.

TheCattleSite News Desk

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