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.
calendar icon 11 February 2008
clock icon 1 minute read
Beef futures churned on the open as traders claimed profits after recent board gains. Meanwhile, others players were encouraged by the possibility of higher cash prices backed by this week's strong wholesale beef performance.

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.

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