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Commodities : Thursday, Sept. 3, 1987 : Live Cattle Futures Higher

September 04, 1987|Associated Press

CHICAGO — Live cattle futures rose sharply on the Chicago Mercantile Exchange Thursday, surprising observers by posting contract highs in most deliveries.

On other markets, Treasury bond futures ended mixed after a volatile day; soybeans advanced while grains fell; precious metals and oil were lower.

Live cattle futures were mixed throughout much of the session, but a unexpectedly firm cash market helped lift them in the afternoon, said Charlie Richardson, an analyst in Denver with Lind-Waldock.

"I think most people had expected it to be slightly softer as we approached the weekend," he said. "Instead, (the cash market) was steady to a dollar higher at noon, and that encouraged additional buying."

The advances triggered buy-stops, powering the October contract up to a high of 66.85 cents a pound before it settled at 66.82, nearly a half-cent above the previous high.

The increase was surprising because packers were large buyers last week, but were only moderately active this week, Richardson said.

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