Cattle Futures - Live Cattle End Flat-Higher

US - CME live cattle ended flat to higher on moderate wholesale beef demand support, bull spreads and CBOT corn's limit-surge.
calendar icon 26 March 2008
clock icon 1 minute read
Most beef futures slipped on the open after nervous prospective buyers stepped back on the open to gauge market direction following Monday's uneven settlement.

However, spot-April snapped back after the contract approached 10-day moving average support. And, spreading into the spot-month out of June and August provided additional April backing.

Meanwhile, nearby-June's 90.25-cent psychological support level was a gathering place for speculative bulls.

At one point, spot-month buying sputtered after April neared 20-day moving average resistance. And, nearby-June pulled back from a session top after it challenged 10-day moving average resistance.

Although deep-cattle contracts gained as a result of CBOT corn's limit-up trade, some market observers were surprised that cattle advances did not aggressively match corn's strength.

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