Cattle Futures - Most Live Cattle Retreat

CHICAGO, US - Most Chicago Mercantile Exchange live cattle posted modest losses Tuesday amid cash anxiety and give-and-take between February/April forward spreaders and longs that rolled February positions into April.
calendar icon 9 January 2008
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Feeder cattle settled moderately lower while lean hogs and pork bellies closed firm.

Front-month live cattle contracts begin the journey on a positive note sounded by spot-February's discount to last week's cash price increase and recent brisk wholesale beef demand.

Also, February and April's oversold Relative Strength Index conditions sustained Monday's buying interest.

However, profit taking by longs trimmed early advances that caused February to pull back to a Feb. 21, 2007 low. Also, February/April forward spreads, April/June bear positioning and technical resistance later toppled April from opening highs.

Source: FXstreet
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