Cattle Futures - Live Cattle Gain; Hogs Lose Ground

US - Chicago Mercantile Exchange live cattle futures closed higher on fund buying, buy stops and supportive fundamentals. Futures also climbed on bull-spreading into June out of August and October. Front-month buyers were inspired as the Chicago Board of Trade corn's slid from overnight highs.
calendar icon 21 May 2007
clock icon 1 minute read
Nervous bulls sold into upswings as they settled accounts before the weekend and ahead of the federal government's monthly cattle-on-feed numbers, due out Friday at 3 p.m. EDT.

Feeder cattle posted a mostly firm settlement, while hogs and bellies finished in the red.

Live cattle rose at the start due to short covering after Thursday's losses and reports that dressed cattle on Thursday sold in line with last week's trade.

Board-buying subsided at times after June and August periodically probed technical resistance barriers. Purchases resumed after chart thresholds were crossed aided by slightly higher midday boxed beef quotes and word that a few live basis cattle may have fetched upwards of $98 per hundredweight in Nebraska on Friday.

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