Cattle Futures: Live Cattle Higher; Hogs Mixed

US - Chicago Mercantile Exchange live cattle futures ended higher Wednesday in late buying but with few standout players in the pit, floor traders said.
calendar icon 5 April 2007
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Lean hogs ended mixed while bellies were lower.

Feeder cattle also gained support from the late buying but still closed mostly lower, pressured by higher corn prices at the Chicago Board of Trade, traders and market analysts said.

During the session, the April live cattle contract struggled to remain above unchanged as traders liquidated long positions or rolled into the June or August contracts because of the approach of first-notice day Thursday, a market analyst said.

Most of the session was spent within a narrow range as the live cattle pit awaited news of cash market activity for the week, traders and brokers said. Cash cattle trading did not occur, but bids were nudging last week's traded prices, making futures traders feel the cash market could be $1 to $2 per hundredweight higher than last week, so they priced this speculation into the market ahead of the cash trading.

When the late rally did occur, some mild buy stops were triggered in the June cattle contract, a floor trader said.

During the afternoon rally in live cattle, Iowa Grain, and Rosenthal-Collins were buyers in April and June. Later in the session, ADM and locals bought April.

April live cattle closed at 99.05 cents, up 52 points, while June was at 95.55 cents, up 55 points. April feeders were up 22 points at 110.80 cents, while May feeders were off 2 points at 111.50. Funds were listed as late session buyers in May feeders.

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