A more positive tilt to outside market forces plus more moisture than expected for feedlot regions in west Texas and western Oklahoma are factors which helped to support the February contract overnight. Other contracts were lower. A sharp drop in beef production for 2013 and especially the 2nd and 3rd quarters remains as the foundation for an expected uptrend in cattle ahead. "If" short-term excess supply cleans up and weather begins to threaten feedlot conditions, the short-term cash market fundamentals could quickly shift from sloppy to bullish.
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