Cattle Futures: Cattle Gain; Hogs Lose As Corn Fades
CHICAGO - Chicago Mercantile Exchange live cattle futures on Tuesday posted modest advances in quiet trading on short covering and April/June bear spreading and bull-positioning out of back months into the June contract. Live as well as feeder cattle also gained as Chicago Board of Trade corn lost significant ground as the session progressed.
18 April 2007
1 minute read
Meanwhile, CBOT corn undermined CME lean hogs. And pork bellies ended up slightly ahead of the exchange's weekly belly storage report that will be available on Tuesday after 4 p.m. CDT.
Initially, live cattle futures briefly pitched upward due to residual buying after Monday's late-session offensive and April and June's oversold chart conditions.
However, the presence of profiteers and jitters over what some suspect could be a steady to weaker cash trade this week yanked live cattle contracts from highs. What's more, prospective buyers hugged the sidelines because of boxed beef's downward spiral.
Nevertheless, once-slumbering cattle market bulls were awakened by cattle contracts' eventual climb in response to deteriorating CBOT corn, bears scrambling to cover short positions and feeders' sharp snapback.
