Cattle Futures - Live Cattle Tumbles

US - Chicago Mercantile Exchange live cattle ended lower, and spot-April fell to a new contract low, on fund selling, sell stops and cash speculation for this week.
calendar icon 28 March 2008
clock icon 1 minute read
Feeder cattle ended down sharply and pork bellies finished lower. Lean hogs settled generally lower.

Beef futures slipped on the open on follow-through selling and uncertainty regarding this week's cash outcome. Back-month cattle fared no better after Chicago Board of Trade corn traded erratically overnight and throughout the morning session.

Periodic short covering and speculative buying after Wednesday's sell off momentarily cushioned spot-April and nearby-June cattle declines. But, front-months resumed their downtrend on the heels of midday boxed beef's disappointing showing.

The U.S. Department of Agriculture's midday boxed beef wire Thursday showed choice cuts down $0.80 per hundredweight and select items off $0.02.

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