February cattle closed 62 lower on the session and pushed down to the lowest level since December 21st. This caused the market to close down 112 points for the week. The market traded moderately lower on the session early today. A recovery in the US stock market to trade higher on the day after the early weakness, better economic news and ideas that supply will dwindle in the weeks just ahead helped to support a bounce to higher on the day into the mid-session. Boxed-beef cut-out at mid-day came in at $190.34, up 96 cents on the day as compared with $194.68 last week at this time. Weekly U.S. beef export sales for the week ending December 29th came in at 1,700 metric tonnes, compared with the prior 4-week average of 9,500. Cumulative sales for 2011 have reached 849,500 metric tonnes, up 27.8% from last year's pace.
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