Cattle Futures - Live Cattle Ends Moderately Higher

US - CME live cattle ended moderately higher on this week's fed cattle tradespeculation, CBOT corn's gradual slide and lean hogs' surprising rally.
calendar icon 18 July 2007
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Fund buying provided added August support after the contract earlier brokethrough the 100-day moving average resistance barrier. And while bear spreadingout of August into December tapered spot-month advances, it - along withOctober/December bull spreads - lifted the October contract.

Some of the August/October bear positioning was traced to residual Goldmanroll activity because of August's sizable open interest. The roll, which beganJuly 9 and officially concluded Friday, consists of longs shifting their Augustpositions into October in association with the Goldman Sachs Commodity Index.

Cattle futures also settled off highs of the day amid selling into upticks asspot-August participants positioned themselves for this week's cash tradefollowing midday boxed beef's mixed quotes.

What's more, August's and October's relative expense to cash, and bothcontracts' slightly overbought technical conditions, diluted buying interest.That was especially evident for the spot contract that also lost underlyingchart backing.

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