CME: Futures Close Higher Except October, Monday10 July 2013
US - Live cattle futures closed slightly to modestly higher, including August which closed up 12 cents to $122.07, with the exception of the October contract which closed 7 1/2 cents lower.
Contracts posted low-range closes. Feeder cattle futures ended mixed, write market analysts at ProFarmer.
Live cattle futures marked time waiting for more solid indications of cash trade and signs of consumer demand following the July Fourth holiday.
August cattle closed higher but well off of the highs of the day, say CME analysts. The market found early support from a weaker dollar which tended to lift commodity prices in general, but a lower boxed beef cutout reported later in the session took some of the support away from the market.
The boxed beef cutout came in at 195.51 at midday, down 83 cents from the close on Friday. Packer margins were reported as positive this morning, with some improvement on a week ago.
Beef production is expected to make a contra-seasonal decline in the 3rd quarter, which could lend support over the longer term.
Today's estimated cattle slaughter came in at 122,000 head, down from 123,000 last Monday and 125,000 a year ago.
TheMeatSite News Desk