Cattle Futures - Live Cattle Advance

US - CME live cattle futures closed moderately higher on fund buying, buy stopsand bull spreads into spot August out of October and December trading months.Also, speculative hedging and CBOT corn's brief dip into negative tradingterritory helped drive December and February live cattle to 100.20 and100.10-cent contract highs, respectively
calendar icon 31 July 2007
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Friday's better-than-expected cash trade and boxed beef's gradual improvementput a floor beneath live cattle contracts at the start on Monday.

August continued upward after the contract moved beyond Friday's 94.00-centhigh, which was also a key area of psychological price resistance. And, Octoberlive cattle made strides after it eclipsed Friday's 98.85-cent high with thehelp of October/December bull spreads.

Nonetheless, cattle futures across the board eased from morning highs asnervous longs claimed profits on the eve of the final day of trading for themonth of August. And, a few bullish traders remain somewhat apprehensive aboutboard premiums to cash prices.

Rosenthal was among August and October buyers. Man Financial bought Augustand sold October outright. Locals were among December buyers. Cadent Financialsold December.

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