Cattle Futures - Live Cattle Lower

US - CME live cattle ended steady to lower on lean hog's steep drop, pre-Goldman roll action and depressed corn prices.
calendar icon 30 April 2008
clock icon 1 minute read
Beef contracts sagged at the start due to profit taking and 35 deliveries posted by the CME late Monday. April and June's overbought chart situations and hog's collapse hastened initial cattle selling.

And deep-month live cattle traders ignored initial CBOT corn gains because of concerns regarding cattle futures premiums that clashed with ideas about cash cattle expectations in the coming months.

CME live cattle on Wednesday could continue to feature pre-Goldman roll action and participants settling accounts during the final day of trading for the month of April. Wednesday is also spot-April's last day as the lead contract.

Cash cattle feeders and packer buyers are eying futures for direction. On the other hand, pit traders will be on the lookout for potential cash bids and asking prices that might surface on Wednesday.

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