Cattle Futures - Most Live Cattle Gain

US - Live cattle ended higher on short covering, lean hog's stunning comeback and forward spreading.
calendar icon 18 January 2008
clock icon 1 minute read
Beef futures initially dropped on residual selling, no buying interest and qualms about this week's upcoming cash results given future's recent losses. Bear spreads and slack wholesale boxed beef movement were additional factors in the board's negative posture.

And, deep-deferred live cattle options floundered for most of the session despite CBOT corn's earlier rebound from two-consecutive days of losses.

Nevertheless, short covering and February and April's oversold chart situations pried both contracts from morning basements in spite of weaker midday boxed beef quotes.

USDA's midday boxed beef survey reported choice cuts down $0.15 per hundredweight and select items were $0.86 lower.

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