Cattle Futures - Live Cattle Sag

US - CME live cattle closed lower, and spot-April fell to a fresh contract low, on cash cattle price nervousness, sell stops and bear spreads.
calendar icon 3 April 2008
clock icon 1 minute read

Beef futures traded in choppy fashion at the start. Periodic bouts of short covering and buying tied to April and June's oversold chart issues clashed with cash caution and technical resistance.

Spot-April adopted a more bearish posture after a few thousand fed cattle in Texas and Colorado sold at $86 per hundredweight on a live basis, which was $1 to $2 less than last week's mostly $88 trade. However, other packer bids are said to be holding at $85 against asking prices around $90.

Meanwhile, deferred cattle month options spiked at the start as CBOT consistently gathered upward momentum as the session progressed. However, far cattle contracts pulled back from morning highs on profit taking by short-term longs and concern about board premiums' to resent cash returns.


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