Cattle Futures - Live Cattle Uneven

US - February through June Chicago Mercantile Exchange live cattle futures settled lower Monday on Tyson Foods' processing issues while remaining contracts rallied prompted by corn futures' comeback.
calendar icon 29 January 2008
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Meanwhile, feeder cattle, lean hogs and pork bellies advanced during the session.

Beef futures sagged at the start on word that Tyson Foods plans to close its Emporia, Kan., cattle slaughter operation within a few weeks. The bearishly construed news overshadowed bullishness from last week's cash trade, Friday's federal government cattle report results and midday wholesale boxed beef's turnaround.

The U.S. Department of Agriculture's monthly cattle-on-feed report released Friday quoted a smaller-than-anticipated December placement figure. And, December marketings were reported up slightly from the forecast average.

USDA's midday boxed-beef wire Monday showed choice cuts up $0.22 per hundredweight and select cuts gained $0.71.

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