Weather Offers Price Support for Cattle Futures03 December 2013
US - Cold weather forecasts for later in the week are supporting cattle prices, according to CME analysts.
December live cattle closed down 22 cents to $133.25.
February cattle closed slightly higher on the day after choppy and two-sided trade, write commentators at CME.
The market pushed lower into the mid-session as weakness in the US stock market and weakness in grain and metal markets helped to spark some long liquidation selling after the market traded higher early in the day.
A cold weather forecast for later this week into the central plains plus strength in beef prices late last week helped to support the market early. A cold blast could slow weight gains and tighten supply into the strong holiday party season.
Choice boxed beef cutout values reached $202.76 this morning, down $.12 from Friday and still up from $198.92 last week. Select prices were up $.52 to $190.93.
Slaughter came in below trade expectations at just 117,000 head.
TheMeatSite News Desk