Thu 28 Mar 2013 11:21:16 CT
June Cattle traded near unchanged early in the session and then pushed up to trade moderately higher on the day into the mid-session and up to the highest level since March 13th. In addition, the rally attracted some technical buying as futures penetrated the downtrend channel line from the January 4th and March 5th peaks. There is talk that Kansas cash cattle was bid at $127.00 and also traded at $127.00 today which would be up $2.00 from last week. Texas also traded $127.00, up $2.00 on the week. One of the key weather models for the 11-14 day forecast for the US is showing a break in the cold trend and warmer weather ahead. If true, this could spark better beef demand for grilling. Weekly U.S. beef export sales for the week ending March 21st came in at a solid 17,300 metric tonnes, compared with the prior 4-week average of 16,525. Cumulative sales for 2013 have reached 269,100 metric tonnes, down -0.4% from last year's pace. Stronger than expected sales may have added to the positive tone for the market into the mid-session.
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