Cattle Futures - Live Cattle Slide

US - Chicago Mercantile Exchange live cattle closed lowerWednesday on deteriorating boxed-beef values and unprofitable calculated packerprofit margins that some contend could jeopardize fed cattle prices for thisweek. Feeder cattle also finished lower.
calendar icon 26 July 2007
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Meanwhile, most lean hogs rebounded from session lows and closed moderatelyhigher on the day. Pork bellies ended flat to lower.

Beef futures slid at the start on profit-taking by longs and Tuesday'sboxed-beef price decline. Also, unsatisfactory calculated packer profit marginssuggest that some processors may not chase cattle as aggressively this week assome bullish traders hope.

Live cattle came under additional initial pressure after more sell than buyorders entered the pit. And, prospective far-month cattle buyers clung to thesidelines because of Chicago Board of Trade corn's slightly higher trade.

Wednesday's federal government midday boxed-beef wire, which showed anotherchoice and select cuts drop, later helped press August and October below keymoving average support floors. By the same token, willing buyers also steppedin near those technical support areas.

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