Cattle Commentary: Cattle futures opened the week on the softer side, working lower through the morning and into the afternoon session with little reprieve until the final minutes. The bulk of cash trade last week came in from 114-115, much of which was likely priced in from the high expectations set early last week. In last Tuesday’s Livestock Roundup, we said: “we could see a $2-$3 jump this week”. With cash reaching expectations and the board at a premium, we see little juice left in the grape at the top end of resistance. Keep in mind that when cash is actually reported, it has already been priced into the market. Put more weight into the expectations than the actual print. Volatility in the stock market picked up after the close, if that continues through the night then we would expect to see additional pressure on cattle in the morning.
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