Live Cattle Volume Active
MORNING LIVESTOCK OUTOOK
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Live cattle corrected from becoming too overbought Tuesday bouncing up to resistance but they couldn’t hold the highs. December closed $5.52 over October but spread just dropped to the 10 day moving average and stopped. Look for spread to return to narrowing. Spread has been narrowing since August 31st and Tuesday appears to be a simple “Tuesday turn around.” Volume was active.
The daily pork market has become a drop in the bucket of total pork produced. Cash hog prices continue to drop. Spreads from December through April are widening out. Traders are looking ahead at global herd expansion.
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