Cattle Futures - Live Cattle Generally Weak
US - CME live cattle ended mostly weak on profit taking and October longs rollinginto December before the first of five days of the Goldman roll period beginson Sept. 10. The roll is tied to the Goldman Sachs Commodity Index.What's more, board-buyers were impressed by wholesale beef's brisk movementbefore the Labor Day holiday.
On Thursday, the federal government's evening boxed beef wire showed choiceand select cuts up $0.38 per hundredweight and $0.51. Although by Fridayafternoon, choice cuts were quoted $0.63 higher but select slipped $0.19.
Short covering enhanced early live cattle gains, and hoisted spot-August to asix-month high, despite higher Chicago Board of Trade corn futures.
Nevertheless, board-buying fizzled following the conclusion of this week'scash cattle transactions. Also, longs claimed profits knowing it would be threedays before they returned to the trading floor.
Source: FXSTREET