Cattle Futures - Live Cattle Fall

US - Chicago Mercantile Exchange live cattle finished lowerThursday on long-profit taking and more sell than buy orders that flooded thepit minutes before the close. Feeders also fell.
calendar icon 31 August 2007
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Live cattle traded sideways throughout the session as market bulls and bearselbowed for position before the end of the month on Friday and in advance ofthe Labor Day holiday.

At one point, futures appeared to sustain upward momentum supported by risingboxed beef quotes, packers upping bids for fed cattle and isolated highercattle sales.

However, the climb sputtered due to periodic selling into upticks and rollingby October longs into December. Also, far-month cattle buyers became skittishas Chicago Board of Trade corn floated upward.

Another volatile day of trading is expected for Friday as players settleaccounts before the holiday and the end of the month.

Friday is also the final day of trading for spot-August live cattle that willexpire at 1 p.m. (1700 GMT) at the same time that the livestock markets willwrap up an hour earlier due to the three-day holiday weekend.

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