Cattle Futures - Live Cattle Advance

US - CME live cattle settled higher on cash expectations, fund buying and spreaders who purchased June and sold April.
calendar icon 27 February 2008
clock icon 1 minute read
Beef futures jumped at the start spurred by supportive wholesale beef demand and follow-through board buying. Also, talk that fed cattle values may exceed last week's sales contributed to front-month advances, especially for nearby-April that will assume lead-month duties after February expires on Feb. 29.

Meanwhile, deferred live cattle contracts finished on solid ground after CBOT corn futures fended off session lows.

CME cattle traders discounted recent news about a case of mad-cow disease in a six-year old Canadian dairy cow. No deaths were associated with the incident and Canadian officials assured its citizens that beef was still safe to eat, a broker said.

Fed cattle bids and asking prices were unquoted on Tuesday. However, most believe the first signs of meaningful negotiations will surface on Wednesday.

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