Cattle Futures: Futures Move Higher on Quiet Trades, Wednesday
US - Live cattle futures reported gains for December, February and June, on a quiet day of trade.
12 December 2013
1 minute read
December closed 22.5 cents higher to $131.925. February cattle closed 15 higher to $132.650.
The market was trading 15 lower on the day into the mid-session which was the lows of the day after trading moderately higher on the day early, say CME analysts.
The market had a positive tilt going into the session on ideas that the market is oversold and from higher beef trade late yesterday.
However, the sharp break in hogs, a significant break in the stock market and fears that speculators may move out of long positions going into the holidays helped to pressure.
Boxed-beef cut-out values were up $0.81 at mid-day to $202.93 from $203.30 last week.
With beef prices about unchanged on the week, talk of a higher showlist this week and talk of poor packer margins, the tone in the cash market is steady at best.
Slaughter came in higher than trade expectations at 122,000 head.
TheCattleSite News Desk
