Cattle Futures - Live Cattle Drift Lower
CHICAGO - Chicago Mercantile Exchange live cattle ended moderately lower Thursday on bearish fundamentals, building anxiety before Friday's cattle report and spread trades.
21 December 2007
1 minute read
Feeder cattle and lean hogs closed weak. Pork bellies settled down sharply.
Profit-taking and Wednesday evening's steep boxed-beef drop put live cattle traders in a selling mood at the start. The prospect that cattle feeders would receive less for their animals this week exerted added market pressure.
Then came word that live-basis cattle in areas of the Midwest moved at $92 to $92.50 per hundredweight that fell short of last week's $93.50 top.
Also, spot December was pressured by liquidation in preparation for the contract's Dec. 31 expiration.
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