Cattle Futures - Live Cattle Futures Mixed

US - CME live cattle futures closed mixed on lean hog's late-day plunge frommorning contract highs, August/October bear spreads that pressured August butuplifted October, and this week's cash result anticipation.
calendar icon 27 July 2007
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Also, longs claimed profits after fund buying and CME hogs' earlier dramaticrally caused December through April live cattle to peak at fresh monthly highs.Cattle futures gained ground despite CBOT corn advances.

Nevertheless, cattle futures "returned to reality" after hog's equallysurprising pullback headed into the close. Also, uneven midday boxed beefquotes and live cattle future's bearish premium to last week's fed cattlebusiness corralled potential board buyers.

With packer buyers and sellers still far apart on a fair market price forcash cattle this week, market participants on Friday are expected to settleaccounts before the weekend. While, some traders anticipate some type of fedcattle movement late Thursday, others foresee the bulk of this week's cashsales taking place after futures close on Friday.

August live cattle closed over 91.72-cent 100-day moving average support.

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