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The cattle market opened steady but a strong intraday rally ensued through the morning with feeders leading the charge and prices closing sharply higher and near the highs of the day, according to The Hightower Report. Yesterday's break held Monday's gap support and the market looks to have resumed its upswing.
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“This week’s rally in the U.S. dollar is adding additional pressure, and the lean hog index continues to slip lower,” the Hightower Report sai…
The Hightower Report said, “The cattle complex closed modestly weaker yesterday and October live cattle closed in the lower quarter of the day…
“The market’s short-term trend is positive on the close above the nine-day moving average for live cattle. The gap up on the day session chart…
“The Iowa Department of Agriculture and Land Stewardship and the United States Department of Agriculture Animal and Plant Health Inspection Se…
“Open interest fell over 7,400 contracts in October, but rose nearly 13,500 in the December contract,” the Hightower Report said. “Cash hogs w…
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