Cattle Futures - Live Cattle Sink

US - Live cattle finished lower on late day fund purging and sell stops. What's more, October/December forward and December/February bear spreads minimized October and February's losses but placed added stress on December.
calendar icon 3 October 2007
clock icon 1 minute read
Cattle futures jumped on the open as shorts covered previously held positions. However, October retreated after it was unable to sustain upward momentum above key chart resistance that the contract had earlier punched through.

What's more, prospective cattle market bulls were apprehensive above tacking on to what some perceived as overpriced December and February contracts compared with recent cash sales.

October later surrendered amid a spate of October/December bear spreads. Also, December lost further ground after the contract slipped below Monday's 98.50-cent low.

Meanwhile, distant live cattle contracts settled in negative trading territory despite CBOT corn's steep plunge.

Indecisive wholesale beef quotes continue to keep bullish and bearish traders on the defensive heading into the middle of week.

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