Cattle Futures - Cattle Mixed

US - Live cattle futures closed narrowly mixed after a limited, volatile market that was pushed and pulled in both directions at some point in the day and wound up nearly unchanged, floor traders and brokers said.
calendar icon 12 November 2007
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Feeder cattle settled mostly higher, supported by lower corn prices, the traders said.

Live cattle also were moved by trader nervousness about the lower stock market and the influences of the Goldman roll, a broker said. The result was the narrowly mixed market.

December cattle set the daily high in the first five minutes of the session, and two subsequent attempts to surpass it failed, so the market dribbled lower in light volume, traders said.

Cattle traders were looking toward the cash market for direction, but the only trades reported were some in Nebraska at steady prices. Other feeders held tightly to their asking prices and were not reporting any sales.

There were reports that some packing plants were trimming slaughter rates Friday and Saturday to limit their need for slaughter cattle and to support product prices, but futures and cash markets virtually ignored the talk.

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