Cattle Futures - Most Live Cattle Firm

US - Chicago Mercantile Exchange live cattle closed mostly firm Tuesday on short covering and spreading as participants marked time before this week's fed cattle trade. Feeder cattle finished lower.
calendar icon 10 October 2007
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Meanwhile, most lean hog contracts closed weak and bellies ended unchanged to down slightly.

Live cattle initially spiked on residual buying and short covering. Also, speculative bulls were enamored with October and December's oversold Relative Strength Index conditions.

However, contracts slid from opening highs as longs claimed profits. Also, anxiety mounted regarding this week's cash potential given unprofitable margins and languid wholesale beef movement.

Packer buyers and cash cattle owners have not yet tipped their hands with respect to bids and asking prices.

The U.S. Department of Agriculture's midday beef wire on Tuesday showed choice cuts up $0.35 per hundredweight and select down $0.19.

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