Cattle Futures - Live Cattle Gain

US - CME live cattle posted gains by session's end on late-day fund buying andfront-month bull spreads fueled by this week's fed cattle potential. Anddeferred-month cattle buyers gained confidence as Chicago Board of Trade cornreceded as the session wore on.
calendar icon 25 July 2007
clock icon 1 minute read
Live cattle futures sagged on the open as longs rang the register afterMonday's board rally. Spongy boxed beef quotes on Monday and overnight-ChicagoBoard of Trade corn's advances also put traders in a selling mood on Tuesday.

However, spot-August live cattle slowly floated up from lows as longs pinnedtheir hopes on at least steady cash cattle prices this week, compared with lastweek's mostly $90 per hundredweight trade.

Also, August and October attracted buyers after both contracts successfullytested their respective 100- and 10-day moving average supports levels.

Most pit players anticipate a sideways live cattle trade until fed cattlebuyers and sellers reach a deal later in the week, a broker said. Until then,he said, people will watch beef cutouts that declined midday on Tuesday andestimated packer margins that were in the red on Monday, but "recovered nicely"from where they were last Friday.

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