Cattle Futures - Live Cattle Gain

US - CME live cattle ended higher on cash optimism, CME hog's abrupt surge and fund buying.
calendar icon 24 April 2008
clock icon 1 minute read
Live cattle contracts wandered aimlessly at the start on carryover buying that clashed with profit taking.

And while front-months' overbought Relative Strength Index conditions prompted selling into upswings, the possibility for steady-to-better fed cattle prices stirred buying on breaks.

Packer bids for live-basis fed cattle on Wednesday were at $88 to $89 per hundredweight. Cattle feeders are asking upwards of $95 for their animals in part because of strong boxed beef values.

The U.S. Department of Agriculture's midday boxed beef wire on Wednesday showed choice cuts up $0.59 per hundredweight and select items gained $0.34.

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