Cattle Futures - Live Cattle Mostly Firm
US - Live cattle closed mostly firm on October/December bear spreads stirred by this week's cash caution that pressured spot-October but supported nearby-December.Beef contracts wilted at the start amid warmed-over selling, overnight-CBOT corn gains and jitters about board premiums to last week's cash trade. Also, spot-October's mildly overbought chart condition deterred potential buyers.
Nevertheless, October at times received down-side support because of robust wholesale beef demand. And, a few speculative buyers stepped in after spot-October filled Monday's chart gap and eyed subsequent technical support levels.
Meanwhile, December gradually made headway after bounding off the 20-day moving average floor.
By the same token, several trading months found it difficult to shake bearish attitudes that live cattle futures are over-priced at current price levels.
Although Friday could spell increased volatility as the final hours of the quarter tick down, most traders will focus on this week's cash outcome.
Source: FXSTREET