Cattle Futures - Cattle Mixed

US - Live cattle futures ended mixed as the October contract faded late, floortraders and brokers said. Feeder cattle also ended mixed with deferredcontracts higher and nearbys steady to slightly lower amid late positionevening ahead of the weekend.
calendar icon 6 August 2007
clock icon 1 minute read
Live cattle prices moved up early amid short covering after a two-day breakin prices, traders said. Early strength also was attributed to ideas cashcattle could trade at $92 per hundredweight, up $1 from last week.

Support also came from spillover action from the lean hog pit, traders said.Some traders trying to cover short positions in hogs dropped into the livecattle pit to buy and give themselves some protection from rising prices. Oncethe action in hogs settled down, traders were able to unwind their live cattlepositions in favor of lean hog positions, and this took some of the starch outof the October contract.

When cash cattle began trading in the Plains at $92 to $92.50 with some up to$93, the nearby August live cattle contract held its strength, even though thedeferred contracts drifted a little farther away from midsession highs, traderssaid.

Early buyers of the August contract were RJ O'Brien, ADM and RosenthalCollins, traders said. However, all three of these sold after the early runup.

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