Cattle Futures - Live Cattle Fall Hard

US - Chicago Mercantile Exchange live cattle Thursday ended sharply lower on recent cash cattle price transactions, deliveries and sell stops.
calendar icon 14 December 2007
clock icon 1 minute read
Also, feeder cattle fell sharply and lean hogs closed flat to weak while pork bellies settled flat to firm.

Beef futures adopted a bearish attitude soon after the opening bell on the heels of cash cattle Wednesday that moved $0.50 to $1 per hundredweight below last week's live-basis prices.

Wholesale beef demand slowdown and 20 deliveries posted by CME late Wednesday added to Thursday's live cattle setback. Additionally, out-right spot-December liquidation intensified ahead of the contract's Dec. 31 expiration date.

Live cattle contracts maintained their downward trajectory in response to word that more live-basis fed cattle Thursday sold at $93, which was steady to down 0.50 compared with Wednesday's business.

And some in the pit pointed to fallout in the equities and financial markets as a negative live cattle sector influence because of the involvement of funds.

Additionally, uneven midday boxed beef prices further disillusioned potential longs. The U.S. Department of Agriculture's midday boxed beef wire showed choice cuts gained $0.33 per hundredweight and select items dropped $0.68.

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