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.
18 June 2007
1 minute read
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.
Source: FXSTREET
