Cattle Futures - Corn, Cash Boosts Live Cattle; Hogs Gain

US - Chicago Mercantile Exchange live cattle futures settledhigher Thursday on Chicago Board of Trade corn's momentary lapse beforerallying minutes prior to the livestock market's close. Cash cattletransactions and fund buying hastened live cattle advances. Feeder cattle alsoclosed higher.
calendar icon 15 June 2007
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Meanwhile, hogs and pork bellies posted significant gains during the session.

Live cattle wilted on the open on follow-through selling, lifeless boxed-beefvalues Wednesday, and that day's dressed and fed cattle values that were downsignificantly from a week ago.

However, spot-June live cattle's outlook brightened after the contractgarnered buying interest near Wednesday's 89.55-cent low. Also, bulls made arun at August when the contract slipped below 89.50-cent psychological supportand briefly touched a 3 1/2-month low.

The federal government's midday boxed-beef quotes still reflected wholesalerdisinterest in buying beef products at current prices.

Nonetheless, pit bulls were encouraged by June's and July's break abovelongstanding 10-day moving average resistance levels and better-than-expectedcash cattle sales compared with Wednesday's disappointing developments.

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