CME Live Cattle Turn Flat-Firm On Shorts, Spreads
1320 EDT [Dow Jones] - CME live cattle are flat to firm on short-covering, and Aug/Oct bull spreads. Spreaders also buy Dec and Feb and sell Oct. Aug and Oct also return above previously lost technical levels which triggered buy stops. Aug is up 2 points at 84.10 cents a pound, and Oct is down 12 points at 89.60 cents. Feeder cattle are firm on live cattle's rebound from morning lows and buy stops. Aug is up 25 points at 101.20 cents, Sep is up 37 points at 101.45 cents. (TWA)
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(END) Dow Jones Newswires
August 05, 2009 13:21 ET (17:21 GMT)
Expanding Crop Estimates Weigh On CBOT Soy
1332 EDT [Dow Jones] - Expanding crop expectations are weighing on CBOT soybean futures after Informa issued bearish production and yield forecasts, a floor analyst says. The firm's forecasts put the final estimate for soybean production at 3.322 billion, with an average yield of 43.5 bushels, traders say. It estimated the USDA next week will peg production at 3.177 billion, with an average yield of 41.6 bushels, they say. The market continues to keep an eye on forecasts for hotter weather expected to hit the Midwest this weekend because the soybean crop is made in August, an analyst says. Old-crop soybeans are down harder, while the new crop is recovering, traders say. Commodity funds sold an estimated 2,000 contracts. Sep soybeans are 13 1/2 cents lower at $10.70 a bushel, and Nov soybeans are 1 1/2 cents higher at $10.33. (TGP)
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(END) Dow Jones Newswires
August 05, 2009 13:32 ET (17:32 GMT)
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