Cattle Futures - Live Cattle Steady-Weak

US -CME live cattle ended steady to weak on cash caution for this week, spreaders who sold deep-deferred contracts and bought June, and lower CBOT corn.
calendar icon 14 May 2008
clock icon 1 minute read
Beef futures began the session mostly firm following boxed-beef cutout's late Monday upturn, short covering and buying linked to ideas regarding this week's potential cash sales.

Packer bids were quoted at $91 per hundredweight for live-basis animals versus upward of $96 asking prices. Cattle last week moved at $91.50 to $94.50.

Nevertheless, spot June and nearby August eased from opening highs on selling into upticks fueled by both contracts' overbought Relative Strength Index conditions.

Also, while this week's cash hopes encouraged June/August forward spreaders, longs periodically moved out of June into August on the last official Goldman roll day.

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