Cattle Futures - Live Cattle Lower

US - CME live cattle closed lower on profit taking and pre-Goldman rolling that ultimately overtook what was at times June/August forward positioning.
calendar icon 6 May 2008
clock icon 1 minute read
Beef futures began the session steady to weak as spot-June traders factored in last week's cattle trade, which also stirred initial June/August bull spreads.

Live-basis cattle sales last week ranged from $92 to $93.50 per hundredweight, which was fairly consistent with the previous week's sales. No packer bids or asking prices were reported on Monday as both sides evaluate this week's show lists.

A potential obstacle for cash cattle prices this week is wholesale beef demand that has been rather inconsistent lately, a broker said.

The U.S. Department of Agriculture's midday boxed beef wire on Monday showed choice cuts up $0.81 per hundredweight and select items dipped $0.28.

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