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
clock icon 1 minute read
"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
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 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.

Source: FXSTREET
© 2000 - 2024 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.