Cattle Futures - Cattle Stage Late Rally
US - Chicago Mercantile Exchange live cattle and feedercattle futures ended the trading session Monday mostly higher after a laterally provided the push needed to get prices up from the narrowly mixed rangethey had occupied since shortly after the open, floor traders and brokers said.
11 September 2007
1 minute read
The buying was credited to position rolling and to short covering.
An expected lower opening was thwarted by a lack of sell orders in the pit atthe opening bell, so speculative traders covered short positions, especially inthe December and February contracts, floor traders and brokers said.
Feeder cattle tended to follow live cattle futures but also were influencedgreatly by late softness in Chicago Board of Trade corn futures, traders said.
A technical trader said the December contract found strong support atFriday's low, and the double bottom created by Friday's and Monday's lowslikely will be strong support going into Tuesday.
During the session Lind Waldock and locals bought December, and RJ O'Brienand Fimat bought February. Locals and others were sellers.
In feeder cattle RJ O'Brien was a noted seller.
October live cattle ended 50 points lower at 95.60 cents per pound, whileDecember closed 15 points higher at 99.60 cents. September feeder cattle closedat 118.85 cents, up 5 points, while October closed at 118.50 cents, up 17points.
Source: FXSTREET
