Cattle Market Recap: 26 September 2011
Dec and Feb Cattle closed up the 300 pt limit as traders saw aggressive buying and short-covering support the market.
A strong Beef market Monday, talk of tightening supply in the weeks ahead and ideas of a seasonal bounce in Cattle prices helped to support.
Oct Cattle closed sharply higher and near limit-up.
The Cattle-on-Feed report was a Bullish surprise Friday afternoon and strength in the stock market and other commodity markets helped to support active buying. Ideas that the short-term supply will remain tight and hopes for a recovery in Beef prices helped to support.
After steep losses last week, it did not take much buying to drive the Dec contract up the limit.
Boxed-Beef cut-out values at mid-session came in at 184.53 which was up 1.22 from Friday but still down from 185.29 last week at this time.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.