Cattle Futures - Live Cattle Flat-Weak

US - CME live cattle closed flat to weak as traders settled accounts on the last trading day of the month while they waited for this week's cash trade and Friday's cattle report.
calendar icon 1 February 2008
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Beef futures fell at the start as buyers hugged the sidelines. February and April then violated their respective 10-day moving support levels, which triggered selling by funds.

February/April bear spreads were common throughout the session, which some in the pit attributed to pre-Goldman roll business.

The Goldman roll consists of funds shifting some of their spot February long positions into April in conjunction with the Goldman Sachs Commodity Index. The first of five days for the roll is scheduled to officially begin on Feb. 7.

Deferred-month live cattle fared no better due to liquidation prompted by CBOT corn futures that trended lower throughout the night and into the early morning hours.

However, by the end of the session continued February/April bear spreads lifted April back above the 10-day moving average. And, some rear-cattle months finished above board with the help of CBOT corn that snapped back from early lows.

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