Cattle Futures - Hogs Gain; Live Cattle Drops Late
US - The Chicago Mercantile Exchange lean hogs futures posted a slightly firm settlement on short covering, general cash strength and June/July and July/August bull spreading during an otherwise quiet day of trading. Pork bellies finished mostly weak. Meanwhile, live cattle contracts ended lower while feeders closed mostly weak.
18 May 2007
1 minute read
Also, uneasiness over midday boxed beef's pullback and Friday's upcoming cattle-on-feed data dragged on cattle futures that all but ignored Chicago Board of Trade corn losses.
June live cattle remain at a considerable discount to token cash that on Wednesday sold at $96.50 per hundredweight on a live basis. And, there were reports of dressed cattle in the Plains on Thursday that brought almost steady money compared with last week.
Cattle market bulls are optimistic that the bulk of this week's cash sales will be par with the $97.50 price last week. They also hope the feat can be accomplished before the release of Friday's U.S. Department of Agriculture cattle-on-feed survey at 3 p.m. EDT.
Source: FXSTREET
