April cattle saw some early selling to pressure the market to the lowest level since January 27th before a turn higher which pulled the market higher on the day into the mid-session. Strength in the stock market and ideas that the beef market will turn higher once supply tightens ahead helped to support. Weakness in many commodity markets and concerns about the premium of futures to the cash and the overbought technical condition helped to pressure the market early as commodity markets reacted to news of a rate hike in China. Boxed-beef cut-out values at mid-session came in at $170.21, up $.24 on the day and down from $172.93 last week at this time.
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