CME: Friday Tipped For Cautious Trading07 June 2013
US - John Harrington predicts a day of cautious trading as traders behave differently to last week.
Look for the cattle pit to begin this morning with uneven prices action as traders cautiously position before the development of late-week cash, writes Mr Harrington, DTN Livestock Analyst.
While we could see a few preliminary bids in cattle country this more, there are signs (e.g., choppy futures, the spread between early bids and asking prices) that traders are in the same groove as last week.
If so, significant trade volume may not surface until sometime Friday. Nevertheless, preliminary bids could be around $121-122 in the South and $196-198 in the North. Asking prices may assume greater definition in the neighbor hood of $126 in the South and $202-203 in the North. Live and feeder contracts should open on a mixed basis with neither side showing a great deal of determination.
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