US Plains cattle trade higher at $123-$124

CHICAGO: US Plains feedlot cattle traded $2 to $3 higher at $123 to $124 per cwt on Wednesday morning, fetching $124 in Kansas, feedlot sources said.

Higher prices had been expected because of fewer market-ready cattle this week and recent strong demand for beef, analysts said.

Cattle traded last week at $120 to $121.

Chicago Mercantile Exchange cattle futures briefly turned higher near midday, but returned lower amid talk that the next move in cash markets will be downward as more market-ready cattle should soon be available, Chicago traders said.

At 11:50 a.m. CDT (1650 GMT), CME April cattle futures were down 0.750 cent, or 0.62 percent, at 121.00 cents per lb and June down 1.50 cents, or 1.25 percent, at 118.500.