Cattle Futures - Live Cattle Climbs

US - Chicago Mercantile Exchange live cattle ended higher on short covering, buy stops and fund buying after nearby-February cleared first-level moving average resistance.
calendar icon 19 December 2007
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Feeder cattle settled up sharply and lean hogs closed higher, while pork bellies finished weak.

Beef futures began the session mostly firm on warmed-over buying and December and February's oversold Relative Strength Index conditions.

Meanwhile, cautious potential spot-month bulls hugged the sidelines because of initial cash trepidation and nervousness before Friday's federal government monthly cattle numbers.

Nearby-February, however, made modest headway due to spreading into the contract out of December and April. February picked up momentum after it bested Monday's 95.90-cent top and later punched through 10-day moving average resistance.

December futures followed February's lead despite mixed midday boxed beef quotes and the possibility of deliveries. What's more, a few longs purged some of their December positions as the contract readies for expiration on Dec. 31.

Source: FXSTREET

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