Cattle Futures - Live Cattle Flat-Higher

US - CME live cattle closed flat to higher on short covering, spreaders who bought June and sold April and CBOT corn's surge.
calendar icon 2 April 2008
clock icon 1 minute read
Beef contracts opened mostly weak as cattle market bulls stepped aside to gauge market direction after Monday's uneven settlement. And some cattle longs were put off by wholesale beef's sluggish movement.

What's more, a few bullish traders waited leadership from CBOT corn's outcry open after the grain traded mixed to mostly weak in overnight action.

However, positive outside market movement sparked live cattle pit confidence that was sorely lacking on Monday due to CME lean hog's limit-down trade. Spot April cattle gathered upward momentum after the contract filled Monday's chart gap.

Nonetheless, April pulled back from a session top amid soft midday boxed-beef quotes and aggressive late day April/June bear spreading.

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