Cattle Futures - Live Cattle Sinks

US - Chicago Mercantile Exchange live cattle settled lower on concern about this week's cash cattle outcome, corn's tumble and spreads.
calendar icon 17 January 2008
clock icon 1 minute read
Live cattle contracts gained slightly on the open spurred by short covering and February and April's oversold Relative Strength Index signals. February's discount to last week's fed cattle sales offered initial spot-month lift.

Meanwhile, deferred cattle contracts dipped in response to Chicago Board of Trade corn that spiraled downward after recently trading limit up two straight sessions.

Spot-February's upward momentum fizzled as the morning progressed, but again jumped in response to the release of the federal government's midday account of wholesale beef movement.

The U.S. Department of Agriculture's midday boxed beef wire showed choice cuts up $0.33 per hundredweight and select items gained $0.53.

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