Cattle Futures - Live Cattle Ends Higher

US - Chicago Mercantile Exchange live cattle closed higher Friday, and most month options hit new seasonal tops, on this week's cash cattle price outcome, fund buying and migration of longs out of June into August.
calendar icon 12 May 2008
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Feeder cattle and pork bellies also finished higher while most lean hogs closed firm.

Cattle futures dipped at the start on profit taking and spot-June traders had already factored in Thursday's modest fed cattle trade.

Also, live cattle's surge to new contract highs on Thursday and nervousness about back-month cattle premiums erased Thursday's board gains despite higher overnight Chicago Board of Trade corn.

Nevertheless, futures bounced back with the help of short covering that developed after news trickled into the pit that packer buyers upped bids in some areas for unsold animals.

For the most part, live-basis fed cattle this week moved at $91.50 to $94.50 per hundredweight versus $91.00 to $93.50 last week.

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