Cattle Futures - Live Cattle Slip

US - CME live cattle posted moderate losses due to bear spreads and growing anxiety ahead of this week's cash trade that some suspect might be weaker due to recent board losses.
calendar icon 6 December 2007
clock icon 1 minute read
Beef futures slipped on the open, with December dropping to a nine-month bottom, on boxed beef cutouts' drop Tuesday and spot-December liquidation as the contract braces for the first delivery day notice on Monday.

By the same token, December and February's oversold Relative Strength Index conditions and wholesale boxed beef's uneven midday quotes minimized further losses.

The U.S. Department of Agriculture's midday boxed beef wire showed choice cuts up $0.50 per hundredweight and select items down $0.30.

Another day of waiting for cash cattle business to develop is in store for market participants on Thursday. Traders also are also monitoring the progress of the snow storm gathering steam in the western part of the country that is expected to enter the Midwest by late Thursday.

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