Cattle Futures - Live Cattle Lapse
US - Chicago Mercantile Exchange live cattle futures closed lower Wednesday on cash pressure, fund selling and December/February and February/April bear spreading.
29 November 2007
1 minute read
Also, feeder cattle and pork bellies settled lower while most lean hog contracts ended firm.
Beef futures gained slightly soon after the opening bell following Tuesday's boxed-beef surge. That prompted shorts to cover previously held positions, which lifted December and February beyond key technical-resistance barriers.
However, front-month buying subsided, which caused December and February to lose earlier technical footing. And despite positive wholesale boxed-beef signs, sellers outnumbered buyers after both contracts tripped pre-determined stops as they moved lower.
The U.S. Department of Agriculture's Wednesday midday boxed-beef wire showed choice cuts jumped another $1.03 per hundredweight and select items rose $0.37.
Furthermore, a bearish cloud gathered over the market following word that cattle sold in Texas from $95 to $95.50 per hundredweight, which was steady to a shade weaker than last week's trade.
Source: FXSTREET
