Live cattle traded in erratic fashion on initial profit taking after Tuesday's run up countered by June-buying that was inspired by improved beef cutouts and this week's cash ideas. Bullish fundamentals also triggered initial June/August and June/October bull spreading.

The U.S. Department of Agriculture's midday boxed beef item showed choice cuts up $1.69 and select jumped $2.07. Cash bids for live-basis animals were reported from $94-to-$95.50 per hundredweight against asking prices up to $100.

June and August's push beyond technical barriers invited additional front-month purchasing that at times subsided after forward-spreaders reversed their positions.

Market participants on Thursday are again expected to work positions on the eve of the final day of the Goldman Roll period. And, although the bulk of this week's cash trade is not expected until Friday, a few cattle buyers might roundup a few supplies on Thursday to keep pace with renewed wholesale beef demand.

Goldman Sachs and Fimat were cited as June/August rollers. RJ O'Brien bought October. Alaron Trading Corp. bought August. Locals sold August and October.

Feeder cattle closed higher on mutually supportive live cattle, CBOT feedgrain's slip from overnight highs and underlying front-month technical help.

Source: FXSTREET