Technical signals clearly show live cattle and feeder cattle futures heavily oversold, but a correction could be a slow process. Even though cattle and feeder cattle futures are the most oversold so far this year now, as we end the week, managed money traders holding long positions have been throwing in the towel here late week, pushing August live cattle to their lowest level since late March.
August feeder cattle their lowest level since the first week of June. Cash weaker again as well after five, six, seven dollar declines last week. This is the bottom line report.
July monthly cattle on feed report is a week from today and not expected to be much help to cash or futures. That’s our bottom line to end the week.
Audio Reporting by Mark Oppold for Southeast AgNet.