US - Active buying was supported by news of cash and beef news improving into December, pushing December live cattle up 40 cents to $131.45.
February cattle closed 40 higher on the session and managed to hold onto most of the gains for the day, say CME analysts.
Talk of the oversold condition after this week's break was also seen as a positive force. Cash cattle traded at $131.00 in Texas and Kansas which is down $1.00 from the previous week and down $1.00 from all-time highs.
Choice boxed-beef cut-out values at mid-session came in at $198.47 which is down $.87 from yesterday and down from $202.56 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.
Placements were very low last year and if placements come in near the estimate, it would be the second lowest on record (records back to 1996).
The on-feed supply would be the lowest for any November 1st. Average dressed steer weights for the week ending November 9th came in at 877 pounds, unchanged from 877 the previous week and up 0.11 per cent from a year ago.
The 5-year average weekly weight for that week is 859.8. Weekly U.S. beef export sales for the week ending November 14th came in at 16,500 metric tonnes, compared with the prior 4-week average of 9,760. Cumulative sales for 2013 have reached 693,800 metric tonnes, down 15.9 per cent from last year'space.
Beef production for the same week came in at 489.5 million pounds, down 2 per cent from last year. Slaughter came in slightly higher than expected at 120,000 head.
TheCattleSite News Desk