Cattle Futures - Live Cattle Climb

US - Chicago Mercantile Exchange live cattle closed higher onmidday wholesale beef's upswing, forward spreads and CBOT corn's pullback.September feeder cattle closed weak while remaining contracts ended steady tofirm.
calendar icon 25 September 2007
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Despite calls to the contrary, live cattle perked up on buying follow throughthat tripped buy stops. Bullish cattle traders were also inspired by lastweek's cash strength and Friday's U.S. Department of Agriculture monthlycattle-on-feed report outcome.

However, futures eased from morning tops due to profit taking andfront-months treading on overbought Relative Strength Index turf. Longs grewuncomfortable after some contracts traded above the magical 100.00-centbenchmark price.

And, there was the belief that live cattle futures got as much mileage out oflast Friday's cash and USDA report as possible.

Nonetheless, cattle contracts resumed upward momentum fueled by fund andlocal buying. Also, midday boxed beef's run up emboldened speculative buyers.

The federal government's midday boxed beef wire showed choice cuts $1.19 perhundredweight higher and select items up $0.67.

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