Cattle Futures - Live Cattle Slide
US - CME live cattle settled lower on profit taking, cash anxiety and February/April bull and April/June bear spreads that weighed heaviest on April but slowed February and June's fall.Live-basis fed cattle packer bids heading into cattle future's close were quoted at $90 per hundredweight in the face of upwards of $94 asking prices from feeders.
The U.S. Department of Agriculture's Friday midday boxed beef wire showed choice cuts up $0.67 per hundredweight and select items jumped another $1.12.
Spot-February was under additional pressure because of liquidation ahead of the contract's Feb. 29 expiration and potential deliveries. April later lost 40-day moving average support, a level that the contract spiked above earlier in the session.
Source: FXSTREET