Cattle Futures - Live Cattle Move Lower; Most Hogs Weak

US - Chicago Mercantile Exchange live cattle futures settledlower Thursday on anxiety about this week's cash results, uncooperativeboxed-beef prices and nervous caution prior to the monthly cattle-on-feedreport. Feeder cattle posted a flat-to-weak finish but off session bottoms.
calendar icon 22 June 2007
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Meanwhile, lean hogs ended mostly weak and bellies lower.

Cattle market bulls were still licking their wounds after getting thumped by$3 to $4 per hundredweight dressed cattle business on Wednesday that also sentfutures lower Thursday morning.

Also, boxed beef's downward spiral Wednesday, and again midday Thursday,contributed to the board's bearish tone.

What's more, June liquidation, either outright or through spreads, before thecontract's June 29 expiration exerted pressure on the spot June contract thatfell to lows not seen since mid-December. Periodic purging by August funds attimes surfaced when the contract approached 10-day moving average resistance.

Fed cattle buyers and owners still do not see eye-to-eye with respect tounsold cattle this week. Most floor participants believe they will findthemselves not only reacting Monday to USDA's monthly cattle-on-feed report,but to a cash cattle trade as well that may not materialize until after futuresclose on Friday. The USDA report is scheduled for release at 3 p.m. EDT onFriday.

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