Cattle Futures - Live Cattle Weaken

US - CME live cattle closed weaker on spot-August liquidation before the contractexpires from trading on Aug. 31, steady cash prices this week andAugust/October bear spreading.
calendar icon 13 August 2007
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Also, August and October were under technical duress. Spot-August was saddledwith deliveries, and sporadic October/December bear positioning was owed toadvance Goldman roll activity that will coincide with the official launch ofthe roll in the hog pit.

Meanwhile, distant-month live cattle settled in the red after a volatiletrading fanned by indecisive Chicago Board of Trade corn futures thateventually rose before livestock markets settled.

Beef futures got off to a rocky start as shorts attempted to cover previouslyheld positions in the face of spillover fund selling and Thursday's boxed beefslide that knocked August and October live cattle to one-month bottoms.

Some traders also purged October positions as per an agricultural researchfirm's sell recommendation.
Nevertheless, CBOT corn's morning outcry drop subsequently generated morelive cattle buying than selling, and short covering intensified as more bearishtraders claimed profits before the weekend.

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