Cattle Futures - Live Cattle Climb

US - CME live cattle settled higher on strong wholesale beef demand, confidence about this week's potential cash cattle results and fund buying.
calendar icon 8 February 2008
clock icon 1 minute read
Beef futures jumped on the open prodded by climbing wholesale beef values that fostered notions of steady-to-better cash cattle returns for this week. That sentiment was also cultivated by this week's reduced show lists compared with last week's offerings.

Packer bids for live-basis fed cattle remain at around $88 per hundredweight while cattle feeders dig in at around $93 to $94.

The U.S. Department of Agriculture's midday boxed beef wire on Thursday showed choice cuts up another $0.78 per hundredweight and select items rose $1.12.

Later, February and April live cattle contracts lunged upward after both month options surpassed Wednesday's highs. Front-months' rush of momentum eventually drafted deep cattle months that had traded cautiously for most of the session because of CBOT corn's retreat.

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