Cattle Futures - Live Cattle Gain

US - CME live cattle ended moderately higher on cash speculation for this week fueled by still supportive boxed beef prices. Spreaders bought April and August and sold June. And, CBOT corn's strength provided back-month live cattle support.
calendar icon 23 April 2008
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Beef futures churned throughout the session fanned by selling into up ticks because of April and June's overbought technical indicators. Meanwhile, supportive fundamentals encouraged break buying during the otherwise uneventful session.

Isolated live-basis fed cattle asking prices at mostly $92 per hundredweight were met with silence from packer buyers. Last week's cash sales ranged from $90 to $91.50.

The U.S. Department of Agriculture's midday boxed beef wire on Tuesday showed choice cuts gained $0.74 per hundredweight and select items moved up $0.50.

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