Cattle Futures - Most Live Cattle Fall, Hogs Slide
CHICAGO - Chicago Mercantile Exchange live cattle closed mostly lower Tuesday on fund liquidation and October/December forward spreads that sank December but, along with midday boxed beef firmness, provided underlying October support.
17 October 2007
1 minute read
Traders also worked positions ahead of what is expected to be a bearish federal government monthly cattle-on-feed report on Friday.
Meanwhile, feeder cattle and lean hogs posted losses while bellies finished unchanged to down slightly.
Live cattle began the session on a positive note amid spillover buying and Monday's boxed beef's hike that fanned cash optimism for this week. Also, rear-cattle month buyers gained confidence as Chicago Board of Trade corn futures softened after their morning open.
Short covering helped propel October and December beyond key moving average barriers where willing sellers waited. While October received sporadic support from spreads and wholesale beef demand strength, October and December ultimately lost their footing after both were unable to hold above technical levels.
