Cattle Futures - Live Cattle Surge

US - Chicago Mercantile Exchange live cattle ended sharplyhigher Thursday on this week's fed cattle ideas, fund buying and middaywholesale beef's modest comeback. Feeder cattle also closed higher.
calendar icon 24 August 2007
clock icon 1 minute read
After a rocky start that was owed to follow-through selling and higherovernight-Chicago Board of Trade corn, CME live cattle stabilized near keytechnical support areas.

The market's subsequent short-covering rise piqued the interest of potentialbulls. Futures progressed as spreaders bought August and sold October.

Live cattle gained additional ground on fund buying and early word thatpackers increased bids for fed cattle by as much as $1.00 per hundredweight ona live basis versus last week's sales. What's more, a few cattle in Nebraskalater Thursday brought $3 more than what some cattle for last week.

Also, bullish cattle marketeers were encouraged by CBOT corn's subsequentpullback as the morning wore on.

Based on Thursday's Nebraska cash cattle trade, some people on the flooranticipate that $93.50 may be the benchmark for the bulk of remaining cattle onFriday, a broker said. That, he said, may put futures at a disadvantage becausecash is priced in and longs might ring the register before the weekend.

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