Cattle Futures - Live Cattle Drop

US - Live cattle closed lower on spillover lean hog bearishness, sporadic CBOT corn advances and forward-spreading into spot-October out of rear contracts. That eased October losses but exerted additional December and February pressure. Also, fund selling developed after October and December fell beneath technical support floors.
calendar icon 2 October 2007
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Cattle futures sagged at the start after pricing in last week's fed cattle trade. Also, prospective buyers were uneasy about Friday's boxed beef drop and unstable Chicago Board of Trade corn contracts. And, traders on the cattle side of the aisle grew increasingly worried about lean hogs' downward spiral.

"We tried to ignore them (hogs) for as long as we could, but couldn't help it after a while," a cattle brokerage firm's trader said.

Following fed cattle's active trade last week, beef futures participants had little fundamental leadership to glean from on Monday.

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