Cattle Futures - Live Cattle Rise
US - CME live cattle settled higher on last week's fed cattle price outcome, Friday's bullish-construed cattle report and April/June bull spreads.
26 February 2008
1 minute read
Beef futures jumped at the start prodded by live-basis fed cattle last week that sold at $91 to $92 per hundredweight, which was up more than $1 compared with the week before.
And traders responded favorably to USDA's monthly cattle-on-feed survey Friday that showed a smaller-than-expected placement figure.
Additional board gains developed after spot-February and nearby-April moved beyond key moving average resistance obstacles. And wholesale beef's modest midday rebound emboldened the small band of longs who still reside in spot-February that will expire on Feb. 29.
USDA's midday Monday boxed beef wire quoted choice cuts up $0.39 per hundredweight and select items gained $0.23.
And CBOT corn's strength was an added bonus for far-month bullish cattle traders who were already inspired by last Friday's federal government cattle numbers.
Source: FXSTREET
