December Futures Close Down08 November 2013
US - December live cattle futures closed down 35 cents to $131.67.The market was trading slightly lower on the session into the mid-day and pushed down to the lowest level since 18 October.
Cash cattle traded $1.00 lower on the week to $131.00, write CME analysts. Talk that beef prices are too high to see active consumer demand helped to pressure.
Talk of a higher showlist this week has traders concerned for a steady/weak cash market tone this week which might have added to the weaker tone early.
Choice boxed-beef choice cut-out values at mid-session came in at $204.08, down $.48 on the day and down from $205.17 last week. However, select beef was up 16 cents to $190.78 from $190.00 last week.
Weekly US beef export sales for the week ending October 31 came in at -18,500 metric tonnes, compared with the prior 4-week average of 15,740.
Cumulative sales for 2013 have reached 665,500 metric tonnes, down -16.6 per cent from last year's pace.
Slaughter was below expectation for the fourth day running at 119,000.
TheMeatSite News Desk