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The breakout on Monday saw follow through on Tuesday as front-month cattle are posting their highest closes since August, said Matthew Strelow of Total Farm Marketing. The strong price action this week has broken out above the most recent trading range and is accelerating higher.

The five-day surge for December cattle leaves the market technically overbought, according to The Hightower Report. High packer profit margins have led to higher trade in the cash markets.


Outside markets

Stocks: December E-mini S&Ps were down 0.28% this morning. Early this morning in Europe, the Euro Stoxx 50 was down 0.41%, France’s CAC 40 was down 0.19%, Germany’s DAX Index fell by 0.60% and London’s FTSE 100 was up 0.08. The main European stock indices were mixed on Wednesday as investors monitored economic data and the COVID-19 situation. German Ifo Business Climate fell for the fifth month running to 96.5 in November, the lowest level since April. Meanwhile, Olaf Scholz has sealed a coalition deal with the FDP and the Greens to form Germany’s next government. On the pandemic front, German officials are expected to announce stricter public health measures, while Italy is mulling introducing restrictions on the unvaccinated and France registered the highest number of infections since August. he Shanghai Composite Index rose 0.1% to close at 3,593 while the Shenzhen Component Index shed 0.12% to 14,888 on Wednesday, as negative global cues weighed on Asian markets, while Chinese equities held up relatively well amid policy easing expectations. Hawkish bets on US interest rates continued to pressure growth-oriented and richly valued technology shares globally.

Currencies: Early today the dollar index was up 0.19%, EUR/USD was down 0.27% and USD/JPY was down 0.09%.

Energy: December WTI crude oil prices this morning are up 0.17%, and December gasoline is down 0.64%.

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