Credit: Shutterstock photoHeavy weights, a sluggish economy and continued fears that consumers are resisting higher beef prices has helped to pressure the market this week, and it may take more back and fill action before the market will be ready to work higher. December cattle closed moderately lower on the session yesterday with an outside-day down, and this turned the technical pattern a bit negative.
June cattle bounced to trade to the highest level since September 25th due to the grain market surge but the market gave back all of the gains late in the day to close just slightly higher on the day. December traded as much as 77 higher into the mid-session but quickly fell back to near unchanged. The rally pushed the market up to the highest level since September 25th but a lack of new buying interest and weaker hogs helped to pressure.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
