Cattle Futures - Cattle Mainly Firm

US - CME live cattle settled mostly firm on midday boxed beef's rise, February/April bull spreads and CBOT corn's rally.
calendar icon 5 February 2008
clock icon 1 minute read
Most beef contracts began the day in negative trading after last Friday's disappointing fed cattle transactions that at first triggered bear spreads.

Live-basis fed cattle last week sold from $87 to $90.50 versus upwards of $91.50 the week before.

At first, April was pressured by the contract's 10-day moving average. And some back-month speculative longs slid money off the table after Friday's board advances.

But spot-February gradually floated up from session lows with the help of buoyant midday wholesale beef demand.

The U.S. Department of Agriculture's Monday midday boxed beef wire showed choice cuts up $0.61 per hundredweight and select items jumped another $1.67.

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