Cattle Futures - Live Cattle Hit 2-Week Highs
US - CME live cattle closed higher, with August and October peaking at two-weekhighs on fund buying and fed cattle speculation for this week. Buying Augustand selling October on spreads gave August added lift.
22 August 2007
1 minute read
However, buying interest briefly stalled as CBOT corn made its way upward andOctober periodically tested subsequent 20-day moving average resistance. What'smore, a few spot-month longs took a step back after boxed beef came in weaker.
The U.S. Department of Agriculture's midday boxed beef wire showed choicecuts down $0.18 per hundredweight and select $0.84 lower.
Nonetheless, live cattle contracts resumed their ascent as fund buyers werelater joined by local traders.
Fed cattle owners who are asking upwards of $94 per hundredweight for theirlive-basis animals look to futures for support. Meanwhile, early-week packerbids range from $88 to $90.
Source: FXSTREET
