Cattle Futures - Bellies Up; Cattle Mixed
KANSAS CITY - Chicago Mercantile Exchange lean hog futures closed mixed in Wednesday's holiday-shortened session, with nearby December posting a 92-point gain on ideas held by some traders that cash prices may have made a seasonal floor.
22 November 2007
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In other action, bellies were higher, live cattle mixed, and feeder cattle finished mostly higher.
Short-covering and rolling of short positions out of December into February also helped lift the front-month, which hit a one-month high and closed at its highest level since Oct. 23.
December closed at 55.75 cents per pound with a 1.7% gain on the day. Most-active February was down 25 points at 62.75.
Strength in December helped pull the deferred contracts off their early-session lows and resulted in narrowly mixed closes from April through December '08.
