Cattle Futures: Contracts Close Lower26 November 2013
US - December live cattle futures closed down 40 cents at $131.07 while February was reported as closing 12 cents lower.
The market was trading moderately lower on the session early but higher beef prices and talk of tightening supply ahead helped to support, write CME analysts.
The early strength pushed the market up as much as 57 higher on the day early. A lack of new supportive news in the Cattle on feed report from Friday helped to market avoid increased long liquidation selling and follow-through selling early and this supported the early bounce.
The report was slightly bearish and this may have sparked some selling on the early bounce. The technical action remains weak and the COT report on the weekend showed a long liquidation selling trend and a fairly healthy net long position from speculators.
Choice boxed-beef cut-out values at mid-session came in at $201.35 which is up $2.43 from Friday and up from $200.56 last week.
Slaughter came in right on trade expectations at 121,000 head.
TheMeatSite News Desk