Cattle Futures - Live Cattle, Hogs Gain Ground
US - Chicago Mercantile Exchange live cattle closed higherMonday on short covering and cash speculation for this week following middayboxed beef's rise. Feeder cattle also finished higher.Nearby October fell to a six-week bottom after longs rolled out of Octoberinto December in preparation for the upcoming Goldman roll. The first of fivedays for the roll will officially begin on Sept. 10 and is connected with theGoldman Sachs Commodity Index.
Nonetheless, futures found their footing with short-covering. Additionalbuying developed as front months slipped deeper into oversold technicalterritory.
The U.S. Department of Agriculture's midday boxed-beef wire on Monday showedchoice and select cuts up $0.78 per hundredweight and $0.38, respectively.That, a broker said, could help feed cattle's cause this week, although cashcattle buyers may be reluctant to raise bids given bigger showlists.
Source: FXSTREET