Cattle Futures - Most Live Cattle Up Slightly

US - Most live cattle contracts closed amid slight firmness on August/October bullspreads spurred by cash cattle price speculation for this week. Spreaders alsobought October and sold December.
calendar icon 15 August 2007
clock icon 1 minute read
Live cattle actually jumped on the open, spurred by cash sentiment andMonday's boxed beef rise. Also, speculative buying in anticipation of Friday'sfederal government cattle-on-feed report provided additional support.

What's more, initial front-month buyers were enamored with August andOctober's overbought Relative Strength Index conditions. And, the fact therewere no deliveries overnight was considered a positive spot August influence.

However, August's and October's upside momentum sputtered after both tradingmonths encountered significant moving average technical resistance. And,several live cattle contracts slipped from highs in response to CME hogs thatbuckled under fund liquidation pressure.

Additionally, a few August buyers were disappointed by mixed middayboxed-beef prices.

Nevertheless, live cattle fought back from session lows with the help ofshort covering and Chicago Board of Trade corn futures that trended lower asthe session wore on.

© 2000 - 2024 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.