December, February Cattle Futures Down21 November 2013
US - February closed 152 lower and December 96 lower, finishing on $130.95, according to CME analysts.
December cattle closed 96 lower on the session with February down 152 on the day as aggressive long liquidation emerged to pressure.
A jump in corn prices plus the cattle liquidation pushed January feeder cattle down to the lowest level since September 24th. Follow-through technical selling, thought to be long liquidation selling helped to pressure.
Ideas that packers may be reluctant to pay up in the cash market this week given declining beef prices and already weak packer margins helped to pressure.
Talk of sluggish beef demand until after Thanksgiving and ideas that retailers will push cheaper pork and poultry helped to pressure.
Choice boxed-beef cut-out values at mid-session came in at $199.88 which is down $.68 from yesterday and down from $202.26 last week. Slaughter came in slightly above trade expectations at 111,000 head.
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