Cattle Futures - Cattle Complex Surge; Hogs Mixed

US - Chicago Mercantile Exchange live cattle futures closed higher on fund buying, short covering and midday boxed beef firmness thatfueled late-session June/August bull spreads.
calendar icon 29 June 2007
clock icon 1 minute read
August/October bear positioning and August longs shifting into October aheadof the Goldman roll period, which will begin on July 9 and conclude on July 13,slowed August advances but provided additional October support. Feeder cattlealso posted considerable gains.

Meanwhile, lean hogs finished mixed and bellies lower on the day.

Warmed-over buying and front-months' oversold Relative Strength Index chartsfloated live cattle up after the opening bell. Futures never looked back aftertripping buy stops and picking up fund support along the way.

Also, several market participants settled accounts on Thursday as theyprepare for extended Independence Day holiday vacations.

Speculative longs received an added dose of encouragement from softer ChicagoBoard of Trade corn. And, another positive influence came in the form of middaychoice and select boxed beef values that were quoted up $0.11 and $0.37 perhundredweight that snapped an extended streak of lower prices.

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