Talk of strong export news and weather seemed to be enough to support the turn up yesterday and strong close. However, the premium of futures to the cash could be seen as a short-term limiting factor on the upside so it may take a steady flow of positive news to avoid a corrective set-back into next week.
February cattle closed moderately higher on the session yesterday and saw the highest close since December 19th. Weakness in the stock market, 25 new deliveries and end of year liquidation selling were apparently offset by weather and export news. Cold and some snowy weather for parts of Oklahoma and the northern plains has helped to provide some support as traders see the potential for declining weights and increased death loss as potentially supportive forces.
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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.
