Cattle Futures - Hog,Cattle Complexes Close Lower

US - CME live cattle closed lower on liquidation by funds, bear spreads and pre-Goldman roll action.
calendar icon 2 May 2008
clock icon 1 minute read
Beef contracts sagged after the open on profit-taking and June and August's overbought technical situations. Also, cash nervousness for this week, given recent mixed federal government boxed beef quotes, put potential buyers on the defensive.

And back-month cattle contracts ignored overnight-CBOT corn's rise. Instead, cattle traders appeared more concerned about perceptions that distant-month cattle are over-valued.

Selling by funds accelerated after June and August dropped beneath technical support. And, lean hog's steep fall at the hands of funds and fundamentals spilled over into the cattle side of the aisle.

A small number of live-basis fed cattle in the Plains on Thursday moved at $92 to $92.50 per hundredweight, compared with last week's $92 to $93 trade. However, other asking prices hold at $94 to $96.

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