Cattle Futures - Apr-Jun Live Cattle, Hogs Dip;

US - Chicago Mercantile Exchange spot-April and nearby-June live cattle closed weak Monday on profit taking and bear spreading while other cattle contracts settled higher amid corn strength.
calendar icon 25 March 2008
clock icon 1 minute read
Also, front-month lean hogs ended weak while back-contracts finished higher. Pork bellies posted gains during the session while feeder cattle closed lower.

CME Live cattle spiked on the open driven by follow-through buying and last week's cash prices that were reported steady to $1 per hundredweight above the previous week's sales.

What's more, last Thursday's U.S. Department of Agriculture's monthly cattle-on-feed report was considered mildly bullish because of a placement figure that was below analysts' average forecast. Also, USDA quoted a bigger-than-anticipated marketing figure.

Meanwhile, Chicago Board of Trade corn's overnight bounce boosted deferred cattle contracts throughout Monday's session.

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