Cattle Futures - Live Cattle Advance; New Feeder Highs

US - Chicago Mercantile Exchange live cattle closed higherMonday on last week's mostly steady fed cattle results, Friday's supportivefederal government cattle reports, and August/October bull spreads.
calendar icon 24 July 2007
clock icon 1 minute read
Also, October/December and October/February bear spreads slowed October'sadvances but provided added December and February support. Feeder cattle closedhigher with spot August matching its previous high and all others making freshmonthly tops.

Meanwhile, lean hogs ended higher and pork bellies were mostly up.

Although live cattle rose at the start, it was not as much as some bullishtraders had hoped given the positive nature of Friday's cattle reports. Sometraders believed futures had factored in any type of bounce the report mightoffer. And, others pointed out that board premiums to recent cash sales was alimiting factor.

Nevertheless, August pulled ahead and attracted additional buyers after thecontract broke through the 10-day moving average barrier. Spot Augustsubsequently bobbed above the more significant 100-day moving average thresholdthat triggered fund purchases.

October made additional headway when the contract overcame the 10-day movingaverage hurdle. And live cattle across the board benefited from Chicago Boardof Trade corn's setback.

© 2000 - 2024 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.