Cattle Futures - Live Cattle Climb

US - Live cattle contracts posted significant gains on supportive midday boxedbeef quotes that furthered cash optimism for this week. Additional buying wasattributed to speculative buying ahead of the U.S. Department of Agriculture'smonthly cattle-on-feed report on Friday at 3 p.m. EDT (1900 GMT).
calendar icon 16 August 2007
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The following are analysts forecasts for the top three categories:

Average Range of estimates of estimates On-feed in Aug 96.1 94.3-97.5 Placed in July 86.9 77.5-95.0 Marketed in July 102.6 100.0-105.0

Funds figured prominently in Wednesday's live cattle rally, especially afterAugust and October broke through prime nearby technical resistance barriers.The board's upward momentum tripped buy stops and generated increasedAugust/October and October/December forward spreading.

Meanwhile, far-month live cattle contracts traded on the plus-side of theboard despite lean hog's dramatic retreat and periodic CBOT corn futuresspikes.

However, there are notions among floor trader that futures on Wednesday notonly priced in this week's potential cash trade, but also Friday's potentialreport results. That, a broker said, could result in limited board-buyingopportunities on Thursday or selling by longs.

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