Cattle Futures - Live Cattle Gain

US - Chicago Mercantile Exchange live cattle finished firm on positive wholesale beef quotes Monday along with bear spreads and the roll by fund longs out of February into April. The roll and spreads capped spot-month advances but pumped up distant contracts.
calendar icon 8 January 2008
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Also, feeder cattle finished firm, lean hogs ended lower and pork bellies posted a steady to weak close.

Carryover selling snipped live cattle contracts at the start and sank spot-February to a low not seen since Feb. 21 of last year.

However, the board quickly recovered after spot-month traders factored in last week's cash strength. What's more, February and April's oversold Relative Strength Index chart conditions attracted prospective market bull.

The steady migration by fund longs out of February into April provided underlying nearby-April backing. And, speculative hedgers gravitated toward far live cattle contracts.

Spot-month bullish participants were emboldened by the U.S. Department of Agriculture's midday boxed beef data that showed choice cuts up $0.98 per hundredweight and a $1.55 select items jump.

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