“The weak futures action this week has lowered cash expectations, but trade has not been established yet,” The Hightower Report said. “August live cattle tested the three-month lows set in early June at 233.97 and rebounded more than $3 off the day’s lows. The market has been in a broad consolidation since early April and if August dropped below 233.97 it would certainly catch the attention of managed money longs and could accelerate long liquidation. Fortunately for the bulls, the late-day bounce will ease technical selling pressure and may result in a short covering rally Thursday.”