Cattle Futures - Live Cattle Flat-Up
US - CME live cattle closed flat to higher on spreaders who bought June and August and sold spot-April, nearby-June chart support and back-month speculative hedging.Live basis fed cattle last week sold at $85 to $86 per hundredweight compared with mostly $88 the previous week.
The U.S. Department of Agriculture's midday Monday boxed beef wire showed choice cuts up $0.09 per hundredweight and select items down $0.09.
The April contract encountered 10-day-moving-average resistance as well as uneasiness about possible deliveries heading into the contract's expiration on April 30. On the other hand, nearby-June attracted scale-down buyers after the contract slipped beneath 10-day-moving-average support due to profit taking and spreads.
Source: FXSTREET