US - Near contracts closed higher yesterday with December and February both continuing strong gains ahead of Thanksgiving.
December live cattle closed up $1.15 at $133.10, write CME analysts.
February cattle closed sharply higher for the second straight day as the market continued on its way higher after breaking of a 4-day consolidation yesterday.
The market reached highest levels since November 18th and its highest close since November 15th.
A turnaround in boxed beef prices this week has traders optimistic that seasonal demand is kicking in and will continue to support the market.
Choice boxed beef cutout values reached $202.75 this morning, up $1.33 from yesterday.
Select prices were up $1.26 at $190.34.
Packer margins are improving, and this should help support cattle demand.
TheCattleSite News Desk