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Cattle Futures: Close Contracts Up Again, Wednesday

28 November 2013

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

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