October cattle traded slightly higher on the day into the pit opening but selling emerged to drive the market down near 50 lower on the day into the mid-session. A surge higher in the stock market and strength in other commodity markets failed to support. Traders indicated a lack of follow-through buying support from yesterday's run higher may have sparked some profit-taking selling. Weak packer profit margins and talk of the overbought condition of the market were seen as short-term negative forces. There was also talk that part of the reason for the rally yesterday came from optimistic comments from US officials over ideas that Japan may ease import restrictions into next year. Talk that this is a longer-term positive force and will not have much short-term impact was also seen as a negative factor along with continued weakness in pork prices. Cheap pork could slow beef demand. Boxed-beef cut-out values at mid-session came in at $192.25, up $1.11 on the day and up from $190.92 last week.
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