Cattle Futures - Live Cattle Uneven

US - Chicago Mercantile Exchange live cattle posted a two-tiered finish Wednesday. February through April ended lower on cash jitters and spread trades while remaining contracts gained amid corn price strength.
calendar icon 10 January 2008
clock icon 1 minute read
Feeder cattle finished mostly firm, lean hogs ended higher and pork bellies posted moderate gains.

Tepid buying interest and carryover selling undercut live cattle contracts at the start. Futures lost further ground as fed cattle buyers and sellers negotiate cash cattle business for this week.

Live-basis packer bids Wednesday were quoted at $92 per hundredweight in the face of mostly $96 per hundredweight asking prices. Fed cattle last week bought as much as $95.50.

Beef futures drifted downward amid thoughts that the board's sell-off, and mixed wholesale boxed-beef values, might jeopardize feeders' efforts to obtain steady-better money for supplies.

The U.S. Department of Agriculture's midday boxed-beef quotes showed choice cuts slipped $0.77 per hundredweight and select items were up only $0.13.

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