Cattle futures: Hogs, Live Cattle Gain As Funds Buy

US - CME live cattle settled higher, with some contracts hitting new monthly topson fund buying and October longs' movement into December in preparation for theupcoming Goldman roll date.
calendar icon 5 September 2007
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Cattle futures gained further on buy stops and cash optimism fanned by middayboxed beef's rise.

The federal government's midday boxed beef wire on Tuesday showed choice andselect cuts up $1.11 and $0.73 per hundredweight, respectively.

Even after settling above last week's $95.50-cent fed cattle top prices lastweek, and threatened by higher-priced CBOT corn futures, live cattle futuresfound room to grow on Tuesday as funds exercised their buying power.

However by day's end, some traders in the pit believed the board "put on toomuch too soon." A few participants believe that a downward adjustment may beforthcoming, especially after several trading months peaked at new contracthighs on Tuesday.

Packer bids and asking prices were nonexistent as the buyers and sellers mullover this week's cash offerings with futures and wholesale beef movement inmind.

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