Cattle Futures - Live Cattle Ends Flat To Higher
US - CME live cattle ended flat to higher amid this week's cash speculation thatunderpinned August whose gains were at times thwarted by spot-month spreadinginto October. That was in part attributed to remaining Goldman roll business.October live cattle received added incentive from lean hogs' runup to newmonthly highs, and October/April bull spreads. Distant cattle trading monthsfinished on the plus side of the ledger despite CBOT corn's uptick.
Live cattle opened mostly weak as market participants weighed boxed beef'srecent uneven quotes, October's overbought chart situation and widening boardpremiums to last week's cash sales. Some in the cattle arena were also somewhatcautious given CBOT corn's modest overnight gains.
Nevertheless, August and October garnered buyer interest after both monthstested downside technical support. And, a few funds were responsible forassisting spot August that vibrated between key technical moving averagesupport and resistance levels throughout the morning. Funds later flexed theirbuying power in the October and December contracts as well.
Uncertainty may be the buzz word for live cattle futures on Thursday which asa trader put it "is never bullish."
Source: FXSTREET