Cattle Futures - Corn, Cash Rack Live Cattle; Hogs Sag
US - Chicago Mercantile Exchange live cattle futures settledlower Wednesday on Chicago Board of Trade corn's rally and lower-than-expecteddressed cattle sales in Nebraska. That sparked fears that live-basis cashcattle may move at a discount this week compared with a week ago. Feedersclosed sharply lower.
14 June 2007
1 minute read
Boxed beef's downtrend on Tuesday and longs taking profits after that day'supswing set the tone for Wednesday's bearish cattle future trade. Midday boxedbeef's continued slide added further pressure.
The U.S. Department of Agriculture's midday boxed-beef wire showed choicecuts down another $1.45 per hundredweight and select slid $0.42.
Bullish traders also acquiesced when June and August were unable to breakthrough 10-day moving average resistance barriers or hold above major90.00-cent psychological support.
With Wednesday's dressed trade possibly setting the pace for this week's fedcattle sales, bullish traders are hard- pressed to find anything positive to"hitch their wagons to" on Thursday, a broker said.
Source: FXSTREET
