The cattle market traded mostly lower during Tuesday's session as the sharp break in the stock market was widely thought to be a key negative factor. April cattle closed more than 200 lower and back down near $121 as cash cattle in Texas traded at 121.00 this week, which may have been disappointing against market expectations. A large recovery in equities along with less fear of Euro debt problems was thought to support solid gains during overnight action, with October cattle recovering a large portion of yesterday's losses. The steady trade in the cash market was seen as a positive to some traders and a negative to other traders. In order to see further gains, however, most traders agree that the market will need to see consumer demand remain steady on an uptrending beef market. This may be difficult with lower poultry prices, but poultry supply has also been on the decline. The estimated cattle slaughter came in at 131,000 head yesterday. This brings the total for the week so far to 260,000 head, up from 259,000 head last week at this time and up from 256,000 head a year ago. Boxed beef cutout values were up 31 cents at mid-session yesterday and closed 7 cents lower at $183.74. This was up from $183.05 during the prior week.
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