Cattle Futures - Live Cattle Steady-Weak

US - CME live cattle settled steady to weak on maneuvering before this week's cash trade takes place and ahead of Friday afternoon's cattle report.
calendar icon 25 February 2008
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"You basically had a market that couldn't find its way because of the report and no word on cash," a broker said.

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

Beef futures began the morning mixed as traders settled accounts before the weekend that sometimes consisted of short covering. February/April forward spreads put a floor beneath spot-February but pressured April that was also the sell-side of April/June spreads.

Meanwhile, far cattle months initially traded on either side of the board because of steady electronic-CBOT corn futures that ultimately faltered and took distant cattle contracts down with them.

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