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Cattle Futures Hit Hard on Wednesday While Lean Hogs Rallied to New HighsLean hogs continued to make new highs in yesterday’s trade, but has the market gone too far too fast?
December live cattle futures broke lower yesterday which took prices down near 4-star support which we outlined from the start of the week as 184.55-185.20. So far the Bulls have been able to defend that which has limited the technical damage, but a failure to hold here could turn the tide and trigger additional long liquidation from funds. This is something we’ve hit on quite a few times over the last week as Funds have grown their largest net long position since last October (when the market first rolled over). Not to say that it will happen again, but the risk is there coupled with potential headline risks from the outside markets. Resistance: 189.47-190.075, 191.47-191.62 Daily Cattle and Beef Summary Cutout values were softer on Wednesday afternoon with choice cuts 1.17 lower to 319.44 and select cuts -.64 lower to 289.32. The 5-area average price for live steers was reported at 189.36, slightly steady with the start of the week.. Wednesday’s slaughter was reported at 124 k head, in line with the same day last week but 1k more than the same day last year. Weekly Export Sales Bird Flu Update – Bloomberg Seasonal Tendency Update Lean Hogs (February) Resistance: 86.225**
US detects H5N1 bird flu in a pig for the first time – Reuters
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