Cattle Futures - Live Cattle Flat-Lower
US - Chicago Mercantile Exchange live cattle settled steady to lower Tuesday on spreads and corn's initial steep drop that toppled deferred live cattle months.Live cattle futures opened lower in reaction to last week's cash downturn and lukewarm wholesale beef demand. Also, initial "outside market" liquidation bled into the cattle pit, which triggered fund selling.
Meanwhile, Chicago Board of Trade corn's deep overnight and early morning losses undercut deferred-month live cattle contracts.
However, spot-February and nearby-April selling abated, and both contracts at times traded above board, because of their oversold Relative Strength Index conditions. Rear-cattle months inched up from session bottoms as CBOT corn attempted to fend off morning lows.
And April fund buyers later returned after financial and equities markets overcame most of their initial bearishness.
Source: FXSTREET