Cattle Futures - Live Cattle Weak; Hogs Firm

US - Chicago Mercantile Exchange live cattle futures postedmodest losses Monday following last week's lower cash trade, softer middayboxed-beef quotes and spot June liquidation before it expires June 29. Feedercattle closed firm.
calendar icon 26 June 2007
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Lean hogs ended up slightly and pork bellies finished sharply higher.

Live cattle futures sagged at the start, and June and August registeredmonthly lows, in response to Friday's fed cash sales that were $3 perhundredweight under where they were the week before.

The U.S. Department of Agriculture's midday boxed-beef wire showed choice andselect cuts down $0.36 per hundredweight and $0.29.

Additional pressure was exerted by the federal government's bearish monthlycattle-on-feed results on Friday. And initial June/August bull andAugust/October bear spreads weighed on August but slowed June and Octoberdeclines.

Traders later worked August/December bear spreads despite moderately lowerChicago Board of Trade corn contracts.

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