Cattle Futures - Live Cattle Sag

US - Chicago Mercantile Exchange live cattle settled lower Wednesday on lethargic wholesale beef demand, cash anxiety and maneuvering before Friday's cattle report.
calendar icon 24 January 2008
clock icon 1 minute read
Live cattle futures again slipped on the open due to fallout in outside markets and uncertainty about this week's cash cattle sales. Also, an growing number of traders implemented positions based on forecasts for the U.S. Department of Agriculture's monthly cattle-on-feed report.

USDA's cattle data will be released on Friday at 3 p.m. EST. The following are analysts' estimates in percentages of a year ago:

. Average of Estimates Range of Estimates
On Feed in Jan
Placed in Dec
Marketed in Dec

Meanwhile, deferred live cattle contracts slumped as Chicago Board of Trade corn prices deteriorated as the session wore on.

Nonetheless, February and April's oversold Relative Strength Index conditions lured speculative longs who briefly pushed both contracts into positive territory.

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