Cattle Commentary: Cash cattle continued to come in today with the bulk of it at 126 aside from a few whispers of a few 127 and 128; dressed has been reported from 203-204. The steady cash trade wasn’t expected to rally the market, but many bulls were hoping to see it at least offer support which hasn’t been the case. Packers will need additional purchases and a lot of the offers are still resting at 128. Today’s futures action was exactly what the bulls had been fearing (see technicals below). Boxed beef continued to climb today with select out gaining on choice which narrowed the spread.
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