Cattle Futures - Live Cattle Rally

UK - CME live cattle settled higher on recent bullish fundamentals, lean hog's unexpected surge and fund buying.
calendar icon 30 January 2008
clock icon 1 minute read
Beef futures rose on the open on the heels of Monday's boxed beef gains. Also, cash hog prices last week topped $91.50 per hundredweight on a live basis versus $90 to $91 the week before.

USDA's monthly cattle-on-feed report last Friday was thought to be another positive market factor that traders where unable to take advantage of Monday because of Tyson Foods' slaughter woes that pressured the market.

Underlying technical support laid a floor beneath February and April while higher electronic-CBOT corn futures attracted distant-month cattle speculative buyers.

In spite of midday boxed beef's slip, front-month cattle held their own with the aid of February/April bear and April/June bull spreads. And, deep cattle contracts finished well above board despite subsequent CBOT corn future's declines.

© 2000 - 2023 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.