CattleFutures - Cattle Complex Gain

US - CME live cattle settled higher on cash hopes for this week, fund buying and reversal of April/June bear spreads that were implemented on Tuesday.
calendar icon 21 February 2008
clock icon 1 minute read
Beef futures opened firm, with spot-February armed with underlying technical support and sentiments that at least steady money for fed cattle may be in the works this week based on solid wholesale beef demand.

The U.S. Department of Agriculture's midday boxed beef wire on Wednesday showed choice cuts up $0.24 per hundredweight and select items gained $0.46.

Packer bids on Wednesday ranged from $88 to $89 per hundredweight for live-basis animals, which slipped from $90 earlier. Feeders are asking $92 to $94 for supplies.

Far-month live cattle hovered above positive trading territory despite CBOT corn's earlier slide and as the federal government's monthly cattle report looms on the horizon.

USDA's monthly cattle-on-feed report is scheduled for release on Friday at 3 p.m. EST. The following are analysts' average estimates and ranges in percentages of a year ago:

. Average of Estimates Range of Estimates
On Feed in Feb
Placed in Jan
Marketed in Jan

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