Cattle Futures - Live Cattle Uneven
US - Live cattle settled mixed as the market accounted for this week's cash cattle strength, near year-end positioning squaring and February longs' migration into the April contract.
31 December 2007
1 minute read
Beef futures rose on the open spurred by Thursday's fed cattle gains, carryover buying and shorts pocketing profits as the month, quarter and year come to a close.
Cash cattle this week traded upwards of $93.50 per hundredweight on a live basis versus mostly $92 money last week.
Also, no deliveries posted by CME Thursday lured a few bulls to spot-December despite its looming expiration on Monday that will coincide with the day's abbreviated trading session.
December and February made further headway after both contracts cleared key technical resistance hurdles.
Source: FXSTREET
