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Cattle starting higher, hogs due a “bounce”

Cattle starting higher, hogs due a “bounce”

The cattle market has finally found a near-term floor, The Hightower Report said. The market turned higher from deeply oversold technical levels with high volume and declining open interest.

“October cattle closed sharply higher on the session yesterday, and the buying pushed the market up to the highest level since Sept. 7,” the report said.

“However, demand concerns and the trend in retail values are the driving force to move cattle prices lower,” Total Farm Marketing said.

The cattle market has staged price recovery, and the hog market may have been the back end of “buy cattle-sell hogs” spread trade, Total Farm Marketing said. Prices have dropped quickly as October hogs are trading to price levels last seen in early March, TFM said.

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Boxed beef cutout values this afternoon were lower on both Choice and Select, the USDA said.

Hogs are trading “steady to higher on follow-through from bottoming action yesterday highlighted by short covering,” Total Farm Marketing said…

Cattle futures are being called “steady to weaker” after lower trade yesterday as prices consolidate after Tuesday, Total Farm Marketing said.…

Boxed beef cutout values this afternoon were lower on both Choice and Select, the USDA said.

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