Cattle Futures - Most Live Cattle Flat-Up
US - Except spot April CME live cattle that settled lower after its 1 p.m. EDT expiration, the remaining cattle contracts closed flat to higher on June/August bull spreads versus longs who rolled out of June into August.Beef futures rose at the start prodded by short covering and relatively brisk wholesale beef demand. Spot April eventually punched through key 100-day moving average resistance which attracted additional buyers.
Also, periodic June/August forward positioning and traders pricing in what they believe could be at least steady cash cattle prices this week kept June above key technical support levels.
Live-basis cash cattle bids cropped up on Wednesday at $89 per hundredweight against feeders who are asking $94 to $96 for their animals.
Source: FXSTREET