Cattle Futures - Live Cattle Firm

US - CME live cattle closed firm on short covering, pre-weekend position evening and April/June bull and June/August bear positioning. The spreads limited June's advances but offered added spot April and August backing.
calendar icon 7 April 2008
clock icon 1 minute read
Beef contracts opened mixed amid give-and-take between shorts cover positions before the weekend and longs taking profits after Thursday's board rally.

And, while spot April traders attempted to price in leftover cash cattle based on Thursday's futures advances, front months at times retreated after they approached technical resistance barriers.

At one point, live cattle contracts drifted into bearish trading territory partly because of uncooperative wholesale beef movement.

USDA's Friday midday boxed-beef quotes showed choice cuts down $0.54 per hundredweight and select items slipped $0.49.

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