Beef futures began the session in mixed fashion as prospective buyers held off front-month purchases after 30 deliveries cropped up overnight. Meanwhile, speculative longs took jabs at deferred contracts partly because of psychologically supportive outside markets.

Nevertheless, live cattle trended lower as more sellers than buyers entered the fray and spreaders sought to unwind initial February/April forward positions. February also backed down after encountering technical resistance.

Minutes after cattle futures closed came word that packers moved live-basis fed cattle bids up to $93.50 per hundredweight from $92. A handful of cattle sold at $93.50, but most asking prices remain at $95 to $96.

Meanwhile, midday boxed beef's uneven quote put potential spot-December buyers on the defensive. The U.S. Department of Agriculture's midday boxed beef wire showed choice cuts dropped $1.22 per hundredweight and select items gained $0.22.

Source: FXSTREET