Cattle Futures - Most Live Cattle Gain; Hogs Steady-Weak

US - Chicago Mercantile Exchange live cattle futures settledmoderately higher Friday on June/August bear spreading that, along withtrailing boxed beef quotes and no further cash cattle business, weighed onspot-June but lifted August. August also benefited from August/October bullspreads.
calendar icon 18 June 2007
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And, speculative buyers were drawn to remaining live cattle contracts despiteChicago Board of Trade corn advances.

Feeder cattle ended the session lower.

Meanwhile, live hogs settled steady to weak and bellies lower.

After a rocky start, as participants squared accounts before the weekend andawaited board direction, live cattle futures stabilized and began inchingupward after June pierced the 10-day moving average resistance barrier.

Cattle market bulls were also impressed with August's performance after thecontract opened above the 10-day moving average resistance obsticle. Augustlater broke through the 20-day moving average threshold before peeling backbelow that level after encountering 100-day moving average resistance.

Spot-June also later faded because of technical resistance at the 20-daymoving average area and liquidation ahead of the contract's June 29 expiration.What's more, some June/October bear positioning was tied to speculation aboutJapan possibly accepting additional U.S. beef shipments later this year, atrader said.

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