Grazie al caso mucca pazza ieri si sono fatti una bella chiusura in limit-down sul vitello !!!
ODJ CME Cattle Midday: Quiet Trade Settles In Near Limit-Down Level
-- Nearby Feeders Lock At Limit-Down Floors
-- Lack Of Information Adds To Uncertainty, Weakness
By Jim Cote
Chicago, June 28 (OsterDowJones) - Following a late Friday announcement by
the U.S. Department of Agriculture of an "inconclusive" test result for bovine
spongiform encephalopathy, or mad-cow disease, most Chicago Mercantile
Exchange live and feeder cattle futures opened at their daily allowable limit-
down levels before bargain-hunting bounced prices up slightly from those
floors.
At 1028 CT (1528 GMT), one trader bid on 500 Aug contracts, according to
pit sources, which supported that month at $86.55, or $2.80 lower. The Jun
live cattle contract was $2.50 lower at $87.10 at that time.
"We're pretty much at a standstill right now," said one local trader. "I
don't think the test will be positive, but we don't know anything. We don't
know if it's a cow, or how old it is, or where it is."
Best early Aug buyers were Refco and Fimat. RB&H was seen buying Aug and
Oct. Rosenthal was seen as an Aug buyer by some. Cadent sold Oct on the open,
as that month was the only contract not to open at its limit-down level.
Nearby feeder futures slid to their limit-down points, with "about 50"
contracts for sale in Aug, pit sources said.
RJ O'Brien was by far the best buyer of feeder futures.
ODJ CME Cattle Review: Close Near Limit Down In Wake Of BSE Test
-- Buyers Appear At/Near Limit Down In "Choppy" Trade
-- Feeder Auction Unfazed
By Jim Cote
Chicago, June 28 (OsterDowJones) - Following a late-Friday announcement by
the U.S. Department of Agriculture of an "inconclusive" test result for bovine
spongiform encephalopathy, or mad-cow disease, most Chicago Mercantile
Exchange live cattle futures prices opened Monday at their daily allowable
limit-down price levels. Prices later bounced a bit amid bargain hunting,
before sliding again into the closing bell.
"I'm not willing to buy this stuff," said one bearish trader Monday. "I
was thinking it was the top of the market at $90.00 per hundredweight last
week."
The Commodity Futures Trading Commission said in a statement Monday that
it had been "in close touch" with the leadership of the USDA, the CME and
other relevant exchanges regarding the situation.
Early buying by Refco sopped up an estimated 300 to 400 contract pool of
Aug sell orders at limit-down and RB&H was said to have bought at least 500
Aug contracts at $86.65 late-morning.
However, after that buying abated, Aug slid again to its limit-down floor
before ending only slightly above that price.
Traders said they expected cattle futures to struggle all week while
waiting for results of the BSE test.
The inconclusive sample that the USDA said it considers neither positive
nor negative for BSE has been sent to USDA's National Veterinary Services
Laboratory in Ames, Iowa, and USDA Undersecretary for Farm and Foreign
Agriculture Services J.B. Penn said the results of a final confirmatory
test will be released sometime this week.
USDA boxed-beef pricing was not hindered. Midday light choice was reported
at $144.18, up $0.07. The volume of early trades was 140 fabricated loads.
RB&H was seen buying Aug and Oct. Cadent sold Oct on the open, as that
month was the only contract not to open at its limit-down level.
Fimat was pegged as the best Aug seller and also bought Oct against Aug
sales. The roll of thousands of Aug longs into Oct is slated to begin next
Tuesday.
Although nearby feeder cattle contracts closed limit-down, cash-connected
traders said cash feeder cattle auction prices were firm.
According to the USDA, "buyers were more concerned with procuring feeders
and calves from a dwindling supply than the limit to near limit-down movement
in CME cattle futures."
RJ O'Brien was the feeder futures buyer most mentioned in Aug, Sep and
Oct. Iowa Grain and Cargill bought Jan, sources said. The unfilled pools of
sell orders totaled 200 in Aug, 30 in Sep, 20 in Oct, and 10 in Nov.
High Low Settle Change
Live Cattle
Jun 88.70 86.60 87.10 dn 2.50
Aug 87.90 86.35 86.42 dn 2.92
Oct 88.10 86.40 86.90 dn 2.47
Feeder Cattle
Aug 112.00 111.15 111.15 dn 3.00
Sep 110.00 109.35 109.35 dn 3.00
Oct 107.85 107.15 107.15 dn 3.00