Cattle Futures - Live Cattle Surge Before Data

US - Chicago Mercantile Exchange live cattle closed higher onpre-weekend short covering, fund buying and elbowing before the U.S. Departmentof Agriculture's monthly cattle-on-feed report on Friday at 3 p.m. EDT (1900GMT). The following are analysts' forecasts for the top three categories inpercentage of a year ago:
calendar icon 20 August 2007
clock icon 1 minute read
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

Also, feeder cattle also finished higher.

Meanwhile, thinly-traded lean hogs closed firm and bellies ended higher.

Live cattle contracts jumped at the start ignited by short covering andOctober's oversold Relative Strength Index condition. Ideas that Thursday'ssetback was exaggerated provided added lift. And, funds tagged along motivatedby a fed discount rate cut that propped up slumping financial markets.

However at one point, CME cattle buying stalled on weaker boxed beef quotes,front-month chart resistance and as Chicago Board of Trade corn mounted amodest offensive.

What's more, it appeared that live cattle and lean hogs briefly pulled backin response to financial and equities markets that slipped before resumingupward momentum.

Live cattle market fund buying re-surfaced and, along with August/Octoberforward spreading, hoisted August and October above subsequent a key movingaverage technical thresholds.

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