Cattle Futures: December Closes With Strongest Gains for Two Weeks, Monday

US - December cattle closed at the highest point since 30 October, up 35 cents to $132.75.
calendar icon 12 November 2013
clock icon 1 minute read

The market was trading slightly higher on the day into the mid-session at 132.50 after trading as high as 133.00 into the pit opening. February closed 42 higher, say CME analysts.

Traders had expected lower trade early today after sluggish beef trade on Friday and continued fears that beef prices will struggle to hold above $200.00 given the recent demand environment.

Talk of declining supply of market-ready cattle in the weeks ahead combined with expectations for stronger demand after Thanksgiving bookings are complete helped to support the market.

There were no beef quotes yesterday and no slaughter update due to holiday. Beef production last week was down 2.7 per cent from last year.

TheCattleSite News Desk

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