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Today 3/3/2005 10:53:00 AM
Mid-Morning Cattle Comments: CME Cattle At Multi-Wk Highs; Canada Ruling
CHICAGO (Dow Jones)--Chicago Mercantile Exchange live and feeder cattle futures staged a sharp rally Thursday after the U.S. District Court in Billings, Mont., granted an injunction Wednesday that would continue a ban on Canadian live cattle entering the U.S.
April live cattle registered a three-week high, while April feeder cattle climbed to a six-week top.
Buying was widespread. Funds bought heavily after technical chart resistance levels were bested. Commercial accounts also bought, especially in April, on ideas the court process could linger, while the ban on Canadian live cattle continues.
Feeder cattle prices reacted even more strongly, because of the same scenario.
April live cattle rose 135 points to 88.15 cents a pound, while June increased 100 points to 83.92 cents. March feeders were 147 points higher at 101.80 cents at 9:36 CST (1536 GMT).
Source: OsterDowJones
Mid-Morning Cattle Comments: CME Cattle At Multi-Wk Highs; Canada Ruling
CHICAGO (Dow Jones)--Chicago Mercantile Exchange live and feeder cattle futures staged a sharp rally Thursday after the U.S. District Court in Billings, Mont., granted an injunction Wednesday that would continue a ban on Canadian live cattle entering the U.S.
April live cattle registered a three-week high, while April feeder cattle climbed to a six-week top.
Buying was widespread. Funds bought heavily after technical chart resistance levels were bested. Commercial accounts also bought, especially in April, on ideas the court process could linger, while the ban on Canadian live cattle continues.
Feeder cattle prices reacted even more strongly, because of the same scenario.
April live cattle rose 135 points to 88.15 cents a pound, while June increased 100 points to 83.92 cents. March feeders were 147 points higher at 101.80 cents at 9:36 CST (1536 GMT).
Source: OsterDowJones