Cattle Futures - Most Live Cattle Weak

US - CME live cattle settled mostly weak on building anxiety in advance of this week's cash trade and jitters before the upcoming cattle report.

22 February 2008

1 minute read

North America

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	102.3	101.0-103.1
Placed in Jan	109.5	103.3-112.8
Marketed in Jan	101.7	97.0-103.0

Beef futures actually began the session in positive territory fueled by spillover buying, Wednesday's supportive boxed beef prices and higher overnight-CBOT corn contracts.

However, upward board momentum dissipated after spot-February encountered 40-day moving average resistance. Also, unexpectedly lower midday boxed beef quotes trimmed spot-month gains.

USDA's Thursday midday boxed beef item showed choice cuts dropped $1.01 per hundredweight and select items were down $0.60.

Source: FXSTREET