Cattle Futures: Cattle Gain; Hogs Lose As Corn Fades

CHICAGO - Chicago Mercantile Exchange live cattle futures on Tuesday posted modest advances in quiet trading on short covering and April/June bear spreading and bull-positioning out of back months into the June contract. Live as well as feeder cattle also gained as Chicago Board of Trade corn lost significant ground as the session progressed.
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Meanwhile, CBOT corn undermined CME lean hogs. And pork bellies ended up slightly ahead of the exchange's weekly belly storage report that will be available on Tuesday after 4 p.m. CDT.

Initially, live cattle futures briefly pitched upward due to residual buying after Monday's late-session offensive and April and June's oversold chart conditions.

However, the presence of profiteers and jitters over what some suspect could be a steady to weaker cash trade this week yanked live cattle contracts from highs. What's more, prospective buyers hugged the sidelines because of boxed beef's downward spiral.

Nevertheless, once-slumbering cattle market bulls were awakened by cattle contracts' eventual climb in response to deteriorating CBOT corn, bears scrambling to cover short positions and feeders' sharp snapback.

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