Cattle Futures: Live Cattle, Hogs Seen Mostly Weak
CHICAGO - Analysts and brokers called for a mostly weak Chicago Mercantile Exchange live cattle open Thursday on follow-through selling, cash caution and Wednesday's soft boxed beef quotes.
2 November 2007
1 minute read
Packer bids for live-basis fed cattle were last reported at $91 per hundredweight in the face of $94 to $95 asking prices.
The U.S. Department of Agriculture's Wednesday evening boxed beef wire showed choice cuts dropped $0.76 per hundredweight and select items fell $0.91.
However, potential short covering might ease further losses or push some months onto positive trading territory, a broker said. Also, he said, December and nearby-February's oversold Relative Strength Index conditions may encourage buyers.
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