Cattle Futures - Live Cattle Firm

US - Chicago Mercantile Exchange live cattle settled firm Tuesday on this week's cash optimism, short covering and spot-October maneuvering ahead of the contract's Oct. 31 expiration deadline. Feeder cattle finished higher.
calendar icon 31 October 2007
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Live cattle's modest uptick on Monday spilled over into Tuesday aided by front months' oversold Relative Strength Index conditions. The board's gradual climb caught the eye of momentum traders.

Shorts covered previously held positions as futures floated upward, well beyond last week's 93.50-cent cash top that restricted spot October's upward mobility.

Meanwhile, funds rolled some of their December long positions into February in preparation for the upcoming Goldman roll period. The first of five days for the roll, which is tied to the Goldman Sachs Commodity Index, will officially begin on Nov. 7.

And back cattle contracts made headway despite lower Chicago Board of Trade corn futures. On Monday, distant cattle months gained ground, driven by ideas that higher CBOT corn values would result in fewer animals in feedlots early next year.

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