Cattle Futures - Hogs Tumble On Charts; Cattle Mixed
US - The Chicago Mercantile Exchange lean hog futures closed lower Tuesday on softening near-term cash outlook, fund selling and sell stops that were tripped after June and July violated key moving-average support levels. Pork bellies settled weaker ahead of CME's weekly belly storage report on Tuesday after 5 p.m. EDT (2100 GMT). Meanwhile, live and feeder cattle futures ended mixed.
25 April 2007
1 minute read
Market participants also marked time by implimenting June/August and June/October bear, and August/October and October/December bull spreads amid speculation about higher cash prices this week.
And while some far-cattle months settled in positive territory because of chart-related purchases, a few prospective buyers were skittish about CBOT corn's resiliency following Monday's collapse.
Live cattle slipped at the start as profiteers flexed their muscles on the heels of Monday's upswing that some in the pit saw as "too much, too soon" in the face of cash uncertainty this week.
Nonetheless, speculators bought breaks based on the notion that Monday's board surge, smaller showlists and improved boxed beef prices might force packers to pay as much as $2 per hundredweight above last week's live-basis cash values.
Source: FXSTREET
