Cattle futures rebound

Chicago Mercantile Exchange live and feeder cattle futures were up on oversold signals, getting ready for this week’s widespread direct cash business. Those oversold signals helped feeders shrug off the bearish influence of the higher move in corn. June live was up $.90 at $133.72 and August was $1.22 higher at $134.12. August feeders were $.47 higher at $172.45 and September was up $.20 at $174.75.

Direct cash cattle markets were quiet. Asking prices were $137 to $138 on the live basis, with nothing reported yet for dressed.

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