Cattle Futures - Cattle Soar

US - Chicago Mercantile Exchange live cattle closed sharplyhigher on cash sales, fund buying and elbowing ahead of the U.S. Department ofAgriculture's cattle report. Feeder cattle also settled higher.
calendar icon 24 September 2007
clock icon 1 minute read
CME live cattle opened mixed as traders probed for market direction on theheels of Thursday's uneven finish, before this week's cattle trade and ahead ofUSDA's monthly cattle-on-feed numbers.

The following are analysts' estimates in percentages for USDA's cattle reportthat is scheduled for release on Friday at 3 p.m. EDT (1900 GMT):

Average Range of estimates of estimates On-feed in Sept 93.5 93.0-94.0 Placed in Aug 92.5 90.1-94.8 Marketed in Aug 100.8 99.8-102.0

Front-month cattle months began floating up as traders who were short themarket claimed profits before the weekend. October and December also benefitedfrom fund buying after both contracts moved beyond key technical resistanceobstacles.

Forward spreads pumped up October and December but weighed on back monthsthat at times were also pressured by Chicago Board of Trade corn advances.

Cattle futures gained further ground following an infusion of fund buying andshort covering sparked by word that Nebraska fed cattle brought $94 perhundredweight.

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