Cattle Futures - Most Live Cattle Gain
US - CME live cattle closed mostly firm after participants implementedOctober/December bear spreads in anticipation of this week's cash trade. Thatpressured spot October but underpinned December. The February contract gainedon December/February bear and February/April bull spreadsProfiteers took the starch out of live cattle contracts immediately after theopening bell. Sellers also outnumbered buyers after October and Decemberencountered upside technical pressure.
Cattle contracts continued to struggle after the federal government's middayboxed beef wire showed choice cuts down $1.11 per hundredweight and select shed$0.42 of its value.
Nevertheless, speculative buying ahead of Friday's monthly cattle-on-feedreport and spreading freed contracts from morning lows. December fund purchasesalso helped the contract rally from session lows by day's end.
Source: FXSTREET