Cattle Futures - Live Cattle Gain Ground
CHICAGO - Chicago Mercantile Exchange lean hogs closed moderately lower on bear spreads, sell stops and pre-Goldman roll activity.
3 January 2008
1 minute read
The first of five days for the Goldman roll officially kicks off Jan. 8, and consists of funds shifting some of their February long positions into April. The move is done in conjunction with the Goldman Sachs Commodity Index.
Pork bellies ended weak and feeder cattle closed lower while live cattle posted modest gains.
Lean hog contracts slipped at the start on the heels of Monday's pork cutout misstep, initial cash hog price weakness and trepidation about February and April's bearish premiums to CME's hog index.
Also, talk that packers have on-hand supplies taken care of for the rest of the week, given animals that backed up on farms during back-to-back year-end winter holidays, cast a pall over the market.
