Cattle Futures - Live Cattle Weaken

US - CME live cattle closed weak in quiet trading on August/October bull spreadsspurred by midday boxed-beef gains and anticipation of this week's fed cattletrade.
calendar icon 7 August 2007
clock icon 1 minute read
The U.S. Department of Agriculture's midday boxed-beef cutout wire quotedchoice cuts up $0.57 per hundredweight and a $0.78 select price increase. And,last week packers paid upward of $93 per hundredweight for live-basis fedcattle that bested the prior week's $91.50 high.

And, although most live cattle contracts traded in the green for most of thesession due to overnight CBOT corn's pullback, futures lost ground and settledin the red as corn fended off electronic losses as the morning wore on.

Meanwhile, spot August live cattle fluctuated on either side of the 10-daymoving average. And, October was unable to maintain 10-day moving averagesupport but held above the 20-day moving average.

Another calm day may be in store for the trading pit on Tuesday as cattlesellers, who are bulled-up after last week's sales, pass on isolated early week$92 bids from packers.

"Guys figure packers really must be desperate if they're pretty much puttingsteady money on the table so early in the week," a broker said.

© 2000 - 2024 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.