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“August open interest fell another nearly 9,000 contracts yesterday on top of a similar decline on Wednesday, and the managed money net long is being reduced,” the Hightower Report said. “The U.S.-Mexico border has been closed for a year, and Mexico says 1.7 million head of cattle have been unable to cross the border during that time. However, the market has priced the border closure in and with prices threatening to fall below the three-month consolidation, the bears have the edge.”
