Cattle Futures - Cattle Mixed

US - Chicago Mercantile Exchange live cattle futures ended narrowly mixed Monday after a quiet session, while lower corn prices supported higher feeder cattle futures, floor traders and brokers said.
calendar icon 27 November 2007
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After the opening rounds, live cattle futures settled down as traders were content to wait for some price direction from the cash market, convinced the nearby contracts were close enough to cash expectations for now, traders and brokers said. Trading activity became relatively light.

"Trading ranges were miniscule," one broker said, indicating either a lack of direction or a contentment that things are OK where they are.

Prices opened higher on support from outside markets like gold, brokers said. However, hedge and speculative selling pressure capped the gains early and took prices lower again.

Many traders said they feel cash prices this week would be about in line with the upper end of last week's ranges, and Monday's gains in nearby contracts put them just about where they need to be for that to happen.

Feeder cattle were up on lower corn prices, traders and brokers said. Pressure came from some profit-taking, but the primary push was linked to corn.


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