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.
calendar icon 14 August 2007
clock icon 1 minute read
Live cattle opened mostly weak amid carryover liquidation and higherelectronic-Chicago Board of Trade corn contracts. Last week's disappointingcash sales, uninspiring wholesale beef demand and deliveries posted by theexchange last Friday added to the market's brief bearish posture.

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.

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