Live cattle lunged on the open, spurred by short covering, June and August's oversold Relative Strength Index conditions and Chicago Board of Trade corn's lapse in overnight trading. Fund buying ensued after June punched through key 100-day moving average resistance, and front-month discounts to last week's cash business provided added lift.

However, the battle between rollers and spreaders caused June to ease below the 100-day moving average, and August buying subsided as the contract approached 20-and-10-day technical resistance areas.

Nonetheless, midday boxed beef's $1.27 climb for choice cuts and select up $0.20 helped lay a solid foundation beneath the live cattle market. And, aggressive late-session June/August rolling elevated the August contract above chart barriers.

Cash bids on a live bases were faint around $93 per hundredweight versus $99-to-$100 asking prices from buyers and sellers who are keeping close tabs on board action amid the roll.

June's 100-day moving average on Wednesday is a major resistance target. And August's 10-and-20-day moving averages serve as areas of support for Wednesday.

June buyers included RJ O'Brien, ADM and Morgan Stanley. Cadent Financial bought August and sold June on roll along with Fimat. Man Financial sold August.

Source: FXSTREET