Cattle Futures - Live Cattle Mixed
US - CME live cattle settled mixed after October through February ended innegative trading territory amid fed cattle price caution for this week.October/December forward-spreaders took on longs that rolled some of theirOctober positions into December.Meanwhile, remaining live cattle contracts inched upward as CBOT corndeteriorated.
Beef futures spiked after the opening bell on cash optimism, front-monthforward spreading and Wednesday's positive wholesale boxed beef results. CBOTcorn's overnight setback contributed to early live cattle market support. And,December was also assisted by underlying 10-day moving average backing.
However, live cattle contracts slipped from morning tops after spot-Octoberand December were unable to maintain momentum above later 10-day moving averagesupport levels. Spot-month buying also dried up after midday boxed beef quotesshowed signs of weakness.
The federal government's midday boxed beef wire on Thursday showed choice andselect cuts were down $0.58 per hundredweight and $0.05.
Source: FXSTREET