Cattle Futures - Live Cattle Lapse

US - Chicago Mercantile Exchange live cattle futures closed lower Wednesday on cash pressure, fund selling and December/February and February/April bear spreading.
calendar icon 29 November 2007
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Also, feeder cattle and pork bellies settled lower while most lean hog contracts ended firm.

Beef futures gained slightly soon after the opening bell following Tuesday's boxed-beef surge. That prompted shorts to cover previously held positions, which lifted December and February beyond key technical-resistance barriers.

However, front-month buying subsided, which caused December and February to lose earlier technical footing. And despite positive wholesale boxed-beef signs, sellers outnumbered buyers after both contracts tripped pre-determined stops as they moved lower.

The U.S. Department of Agriculture's Wednesday midday boxed-beef wire showed choice cuts jumped another $1.03 per hundredweight and select items rose $0.37.

Furthermore, a bearish cloud gathered over the market following word that cattle sold in Texas from $95 to $95.50 per hundredweight, which was steady to a shade weaker than last week's trade.


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