Cattle Futures - Live Cattle Flat-Up

US - CME live cattle closed flat to firm on wholesale beef demand's recent resurgence that underpinned spot-April. Also, spreaders who bought June and sold April, and CBOT corn's modest late-session up tick, contributed to live cattle's overall firmness.
calendar icon 9 April 2008
clock icon 1 minute read
Beef contracts opened mostly firm on carryover buying and Monday evening's boxed beef snap back.

However, cattle futures for the most part were unable to hold early initial gains due to profit taking and selling into upswings as participants marked time waiting for this week's fed cattle trade to unfold.

So far, cash cattle packer bids are unquoted against spotty $90 per hundredweight live-basis asking prices.

Despite spot-April later briefly trading above positive territory due additional positive wholesale beef demand news, April and nearby-June ultimately eased from highs after both month options tested their respective technical resistance targets.

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