Cattle Futures - Live Cattle Plunge

CHICAGO - Chicago Mercantile Exchange live cattle finished sharply lower Thursday on fund selling, sell stops and cash anxiety for this week.
calendar icon 4 January 2008
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Also, feeder cattle fell hard and lean hogs and pork bellies settled lower.

Live cattle spiked at the start on carryover buying fueled by Wednesday's supportive wholesale boxed beef demand. What's more, some in the pit reversed February/April bear spreads that were implemented Wednesday.

However, February pulled back after running into 40-day moving average resistance. Also, willing sellers waited above the market because of the contract's bearish premium to last week's cash sales.

Source: FXstreet
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