Cattle Futures - Live Cattle Unchanged To Firm

US - Chicago Mercantile Exchange live cattle closed unchanged to firm Monday on this week's cash speculation and as October longs shiftedinto December. Feeder cattle finished up slightly.
calendar icon 21 August 2007
clock icon 1 minute read
Live cattle contracts unexpectedly slipped at the start amid profit-taking bylongs and buyer caution. Also, sentiments that the U.S. Department ofAgriculture's monthly cattle data were already built into the market weighed onsome live cattle contracts.

"The report appeared friendlier for the December trading month which was whypeople looked at various ways of trying to own it," a broker said.

Nevertheless, futures inched upward, aided by fund buying that put a floorbeneath spot August. Traders also sold October and bought December ahead of theGoldman roll period that will officially begin Sept. 10 and conclude Sept. 14.The roll is tied to rules governing the Goldman Sachs Commodity Index.

Early week CME bulls are pricing in fed cattle this week around $92 perhundredweight based on smaller showlists compared with last week, a brokersaid. However, he said, spot August's direction will be largely dictated bywholesale beef demand "that's dragging" before the upcoming three-day Labor Dayholiday.

Source: FXSTREET
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