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.
26 June 2007
1 minute read
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.
Source: FXSTREET
