Cattle Futures - Live Cattle Gain

US - Chicago Mercantile Exchange live cattle contracts Thursday settled moderately higher on short covering, midday boxed beef's upturn and December/February forward spreads that overtook Goldman rollers.
calendar icon 9 November 2007
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The roll, which began Wednesday and will finish Nov. 13, consists of funds moving some of their spot-December long positions into February. The migration is done in association with the Goldman Sachs Commodity Index.

Feeder cattle finished unchanged to firm and lean hogs unchanged to lower. Pork bellies posted losses during the session.

Beef futures slipped at the start on warmed-over selling and Wednesday evening's boxed beef drop. Also, prospective buyers clung to the sidelines as they monitored Chicago Board of Trade corn's direction and mulled packers' intentions in the midst of deeply negative profit margins.

Nonetheless, spot-December garnered support after it tested Wednesday's 94.70-cent low. And, February attracted enough buying interest to hoist the contract above its moving average convergence resistance target.

Source: FXSTREET
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