2017 live cattle issues closed 22 to 77 higher, supported by short-covering and cash premiums. Spot June nosed back above its 100-day moving average while remaining well below last week's high of $110.65. August momentarily spiked above its 100-day moving average for the first time since early March, though closed right below that technically important threshold. The board appeared to be generally supported by ideas that short-bought packers would eventually be compelled to raise bids toward asking prices. Beef cut-outs: sharply lower, off $1.25 (select: $201.05) to $1.41 (choice: $218.29) with light-to-moderate demand and heavy offerings (89 loads of choice cuts, 37 loads of select cuts, 20 loads of trimmings, 19 loads of ground beef).

THURSDAY'S CASH CATTLE CALL:

Steady to $2 lower. Despite last week's slow country movement, neither sides seems eager to quickly put wheels under the cash trade. Barring a major collapse in futures, significant trade volume could be delayed until Friday.

FEEDER CATTLE:

For the most part, feeder futures settled 5 to 57 lower with only spot August finishing somewhat in the red (i.e., off 20). Nevertheless, August held above 62% retracement of the first-quarter sell-off. CME feeder index 06/19: $141.41, off $0.07.