Cattle Futures - Cattle Lower On Cash, Before Report

US - The Chicago Mercantile Exchange live and feeder cattle futures closed lower Friday on cash prices that were below last week's levels, falling boxed-beef cutout values and nervousness before the U.S. Department of Agriculture's monthly cattle report on Friday at 3 p.m. EDT (1900 GMT).
calendar icon 23 April 2007
clock icon 2 minute read
Meanwhile, CME lean hogs and pork bellies settled mixed in advance of their monthly federal government cold storage report that will be released at the same time as the cattle numbers.

Live cattle futures stumbled at the start on word that Thursday's cash cattle trade yielded returns that were $1 to $3 below last week's trade. Most of this week's business was wrapped up on Friday at $96 to $96.50 for live basis cattle and mostly $155 dressed.

Choice and select midday boxed beef cutouts were also trimmed by another $0.72 and $1.23. Boxed beef's drop from last week's 3 1/2-year high is also taking a toll on calculated packer profits that were in the red on Thursday.

Market participants will spend the weekend assessing the cattle report's impact on Monday futures trade.

Technically, April created a huge chart gap following Friday's events and is hovering above significant 100-day moving-average support. Meanwhile, June settled in the middle of the day's trading range after flirting with 100-day moving-average support earlier Friday.

Locals bought August. Rosethanal and Cadent Financial sold June. RJ O'Brien was among outright April and August sellers.

Feeder cattle futures also posted a lower settlement on live cattle declines, April liquidation before its April 26 expiration and pre-cattle report jitters.

April live cattle settled at 95.62 cents per pound, down 82 points, and June was at 92.27, a loss of 45 points. April feeder cattle finished down 25 points at 107.05 cents, and May closed 62 points lower at 107.45.

© 2000 - 2024 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.