Cattle Futures - Most Live Cattle Weak

US - CME live cattle settled mostly weak on building anxiety in advance of this week's cash trade and jitters before the upcoming cattle report.
calendar icon 22 February 2008
clock icon 1 minute read
USDA's monthly cattle-on-feed report is scheduled for release on Friday at 3 p.m. EST. The following are analysts' average estimates and ranges in percentages of a year ago:

. Average of Estimates
Range of Estimates
On Feed in Feb
Placed in Jan
Marketed in Jan

Beef futures actually began the session in positive territory fueled by spillover buying, Wednesday's supportive boxed beef prices and higher overnight-CBOT corn contracts.

However, upward board momentum dissipated after spot-February encountered 40-day moving average resistance. Also, unexpectedly lower midday boxed beef quotes trimmed spot-month gains.

USDA's Thursday midday boxed beef item showed choice cuts dropped $1.01 per hundredweight and select items were down $0.60.

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