Cattle Futures - Live Cattle Flat-Up

US - CME live cattle closed flat to higher on spreaders who bought June and August and sold spot-April, nearby-June chart support and back-month speculative hedging.
calendar icon 8 April 2008
clock icon 1 minute read
Beef contracts opened flat to firm on spillover buying that quickly gave way to profit taking and last week's lower-than-anticpated fed cattle result. Spot-April was also pressured by uninspiring wholesale beef movement and unsold cattle last week that possibly wound up on this week's show lists.

Live basis fed cattle last week sold at $85 to $86 per hundredweight compared with mostly $88 the previous week.

The U.S. Department of Agriculture's midday Monday boxed beef wire showed choice cuts up $0.09 per hundredweight and select items down $0.09.

The April contract encountered 10-day-moving-average resistance as well as uneasiness about possible deliveries heading into the contract's expiration on April 30. On the other hand, nearby-June attracted scale-down buyers after the contract slipped beneath 10-day-moving-average support due to profit taking and spreads.

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