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“Both Sept. ’26 and Dec. ’26 violated support at their 100-day MAs however held above LWs low. Cattle on feed as of July 1 at 11.37 mil. head was up 2.2% from YA and in line with trade expectations. Placements were down nearly 3% vs. expectations of down 1.2% while marketing were down 2.7%,” Mark Soderberg of ADM Investor Services said.