Cattle Futures - Live Cattle Mixed

US - CME live cattle settled slightly mixed on October/Decemberforward-positioning inspired by this week's fed cattle expectations versusOctober longs' migration into December during the Goldman roll period.
calendar icon 12 September 2007
clock icon 1 minute read
Despite lower CBOT corn contracts, live cattle stumbled at the start due to profit taking and sellers that out-numbered buyers. What's more, potentialbullish traders were somewhat skeptical whether cash could match last week'sperformance given recent wholesale beef demand slippage.

The U.S. Department of Agriculture's midday boxed beef prices on Tuesday werequoted $1.16 per hundredweight higher for select cuts while choice items dipped$0.13.

Spot-October live cattle fluctuated in and out of positive trading territorythroughout the session as forward-spreaders and Goldman rollers dominated themarket. Roll activity ultimately yanked October below the 100-day movingaverage and elevated December above the 20- day moving average support level.

Without fundamental direction, the Goldman roll will again top the livecattle agenda on Wednesday. And, technically, October could once more attemptto clear the 100-day moving average hurdle while December looks to remain abovekey chart support floors.

© 2000 - 2024 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.