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Fed Cattle And Beef Price Moves Higher
2013-10-19 16:33:00| Beef
Cash fed cattle finally broke past $130/cwt. and beef prices continue to strengthen, but the market remains unconvinced that this is the bottom rung of a new seasonal plateau. Market chatter suggests Thursday's cash trade at $130 is probably the most packers will pay for quite a while," says John Otte, Penton market analyst. "Everybody in the industry was waiting for the price to hit $130. Once it did, everybody started to liquidate long positions. Packers will come in and say that cattle are too high compared to beef, so we're probably in for a two-to-three-week correction in the cash and the futures. read more
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Category:Agriculture and Forestry