Cattle Futures - Most Live Cattle, Hogs Settle Weaker
US - Chicago Mercantile Exchange live cattle futures settledmostly weak Thursday on caution regarding the outcome of this week's cattlesales and boxed beef's continued abysmal performance. Feeder cattle closedlower.
8 June 2007
1 minute read
Follow-though liquidation and boxed beef's drop on Wednesday undercut livecattle at the start. But, spot June didn't stray far from the vaunted90.00-cent psychological support level, even after June and August at one timegently touched 3 1/2-month bottoms.
Front-month live cattle fund liquidation and June/August bear spreading oftencollided with short covering and August/October bull positioning, which madefor a rocky day of trading.
June and August took on a bearish tone near the closing bell after both wereunable to hold above 90.00 cents, midday beef cutouts showed no signs ofimproving, and as packer buyers and fed cattle sellers played chicken.
Source: FXSTREET
