Cattle Futures - Live Cattle Close Mixed
US - CME live cattle closed mixed with June flat to weak on cash caution and traders who sold August and bought June on spreads that outdid longs who sometimes rolled out of June into August.
8 May 2008
1 minute read
Beef futures succumbed to profit taking and cash anxiety on the open. Sluggish wholesale beef demand and early Goldman roll action weighed even more on front-month cattle at the start.
Feeders are asking $94 to $95 per hundredweight for live-basis animals. There is no word yet from packer buyers. Last week, fed cattle sold for roughly $91 to $93.50.
And despite CBOT corn's overnight advances, far-month cattle wilted due to concern about board premiums to cash speculation in the months ahead. Also, 2009 April through August new contract highs on Tuesday gave some in the pit a reason to sell on Wednesday.
Source: FXSTREET
