Cattle Futures - Live Cattle Sinks On Cash; Hogs Lower
US - Chicago Mercantile Exchange live cattle futures settledlower on Wednesday's depressed dressed cattle sales, moderate Chicago Board ofTrade gains before they retreated prior to livestock markets close, and softmidday boxed beef quotes. Feeder cattle finished weak but up from sessionbottoms.
21 June 2007
1 minute read
Live cattle opened mixed as traders scanned technical charts, Tuesday'suneven boxed beef quotes and CBOT corn that wilted overnight.
However, cattle futures adopted a decidedly bearish tone after June wasunable to push beyond stubborn 10-day moving average resistance. June's setbackwas exacerbated by traders bailing out of the spot month ahead of its June 29expiration.
Meanwhile, August receded after the contract approached 40-and-100-day movingaverage resistance targets.
Fundamental cattle market bulls became disheartened after the federalgovernment's midday boxed beef wire showed choice and select cuts dipped $0.19and $0.06 per hundredweight. But, "Nebraska dressed cattle trading $4 perhundredweight below last week was the real kicker," a broker said.
Source: FXSTREET
