Recap Cattle Market: 2 September 2011
When the market could not move under Thursday's lows with weaker Beef prices, a lack of direction from the cash market and Bearish economic news, Short-covering emerged to support sharply higher trade in Cattle, as it did in many other agricultural markets.
Oct Cattle traded lower early this morning after a poor employment report and a sharp break in the US stock market.
A surge higher in grain markets and ideas that the market is oversold helped spark strong gains into the mid-session and a move to a 4-session high.
Short-covering ahead of the long weekend and talk that the cash market may not be as poor as traders feared yesterday helped to support.
Boxed beef cutout values at mid-session came in at 181.58 which was down 0.22 from yesterday and down from 186.30 last week at this time.
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.