Cattle Futures - Live Cattle Flat-Higher
US - CME live cattle settled flat to higher on confidence heading into this week's cash trade and April/June forward positioning that out-muscled advance Goldman roll activity. Also, CBOT corn's comeback contributed to far-month live cattle advances.
29 February 2008
1 minute read
Beef futures churned during most of session as spot-February traders worked positions in anticipation for what they expect in terms of this week's fed cattle sales.
Packer bids so far are quoted at $89 to $90 per hundredweight that pale in comparison to around $95 asking prices tabled by cattle owners. Smaller show lists and respectable wholesale boxed beef demand generate floor-buzz about a cash outcome at least in the $93 to $93.50 neighborhood.
The U.S. Department of Agriculture's Thursday midday boxed beef item showed choice cuts gained $0.52 per hundredweight and select items were up $0.09.
Nearby-April fluctuated due to underlying technical support and shifting at times by fund longs into June as the Goldman roll date approaches. And, far-month cattle continued to make new highs after CBOT corn shook off its early-morning malaise.
Source: FXSTREET
