CME: Near Futures Close Mostly Lower, Friday15 July 2013
US - Live cattle futures finished mostly lower on Friday with August live cattle closing at $121.87, down 7 cents. The October contract posted slight losses for the week, while December cattle posted slight weekly gains.
Feeder cattle were mostly firmer on Friday, but still posted losses for the week, write ProFarmer analysts.
Traders removed some of the premium nearby contracts hold to the cash market as they evened positions ahead of the weekend.
With market-ready supplies tightening, traders should be comfortable with futures at a premium to the cash market.
October live cattle broke sharply, all the way back near Tuesday's low on Friday, but they recovered most of their losses and were heading back near unchanged on the day late in the session, say analysts reporting from the CME.
Still no trade was reported in the cash live cattle market in the high plains this week, and some traders may be somewhat fearful of a lower print.
Boxed beef prices continued their swoon this morning, with the AM boxed beef cutout falling another 86 cents to $191.86.
The cattle market had a strong technical day on Tuesday and appears to have managed another spike low Friday.
TheMeatSite News Desk