Cattle Futures - Most Live Cattle Firm

US - Analysts and brokers see Chicago Mercantile Exchangelive cattle opening mostly firm on continued buying, positive cash developmentsand supportive wholesale beef demand.
calendar icon 28 August 2007
clock icon 1 minute read
Active fed cattle trading on Thursday was reported at $93 to $93.50 perhundredweight on a live basis compared with mostly $90 to $90.50 last week.

And the U.S. Department of Agriculture's evening boxed beef wire on Thursdayquoted choice and select cuts up $0.31-per hundredweight and $0.13,respectively.

Chicago Board of Trade corn's overnight weakness might further motivatebullish cattle traders, a broker said.

However, the broker said, potential profit taking by longs in pre-weekendposition-squaring fashion may limit potential gains or press some contracts innegative territory.

Also, this week's cash business was already factored into the August contractthat may be under liquidation pressure ahead of its Aug. 31 expiration, thebroker said.

No deliveries were posted by the exchange on Thursday against the Augusttrading month.

Some funds are expected to roll October-long positions into December inadvance of the Goldman roll period. The first of five days for the roll willofficially start on Sept. 10 and is connected with the Goldman Sachs CommodityIndex.

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