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.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.
Source: FXSTREET