Cattle Futures - Live Cattle, Hogs Settle Mixed

US - Chicago Mercantile Exchange live cattle futures settledmixed with June through October landing in positive territory on front-monthdiscounts to last week's cash cattle trade and bull-spreading out of distanttrading months into June, August and October contracts.
calendar icon 12 June 2007
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Meanwhile, remaining live cattle contracts ended weak due to sharply higherChicago Board of Trade corn prices. Feeder cattle closed lower.

Lean hogs also closed mixed while bellies ended higher.

Live cattle slipped on the open due to last week's fed cattle values that insome areas were down $3 per hundredweight compared with last week's business.Also, boxed beef's decline heading into the weekend put cattle-market longs onthe defensive Monday morning.

However, futures gradually inched upward as traders priced in a possible $90live-basis cash cattle trade for this week. Also, scale-down futures buyerswere attracted to June and August's extremely oversold Relative Strength Indexconditions.

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