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.
12 June 2007
1 minute read
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.
Source: FXSTREET
