Cattle Futures - Live Cattle, Hogs End Mostly Firm
US - Chicago Mercantile Exchange live cattle futures settled mostly firm Tuesday as bearish fundamental influences dragged on spot June and triggered June/August bear spreads. However, that, coupled with August/October bull positioning and Chicago Board of Trade corn's short-lived rally help land most cattle contracts on the plus side of the ledger.
6 June 2007
1 minute read
Lean hogs settled generally firm while pork bellies gained sharply.
Live cattle actually started the session on a positive note due to residual buying after Monday's modest runup, that day's boxed-beef rise and cash optimism after Friday's sales.
However, live cattle were unable to maintain early momentum as technical resistance came into play and anxiety grew about the direction of CBOT corn futures. Also, pit bulls were on the defensive following uneven midday boxed- beef quotes.
Source: FXSTREET
