Cattle Futures - Live Cattle Mainly Up

US - CME live cattle settled mostly firm on December/February bear and February/April bull spreading that pressured December, underpinned February and slowed April's advances.
calendar icon 12 December 2007
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Beef contracts opened generally weak on 10 deliveries posted by CME Monday, profit taking and spot-December liquidation before the contract's Dec. 31 expiration date.

Nonetheless, futures stabilized with the help of boxed beef's recent strong performance and a wintry mix of ice and snow layered across the Midwest.

The U.S. Department of Agriculture's midday boxed beef wire showed choice cuts up $0.27 per hundredweight and select items gained $1.71.

February also gained on spreading out of December and April that drove nearby February beyond key resistance thresholds. Upward February momentum also triggered fund buying and buy stops in the process.

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