The cattle market finally showed some life yesterday, opening solidly higher and staying there throughout the session. Friday's much smaller-than-expected placement total no doubt helped, but that number should have been supportive of the deferred Feb/April live cattle contracts, while it was actually the Dec that led the market higher. Open interest totals don't reveal anything significant this morning, so perhaps Friday's data was simply enough to ease what had become very bearish market psychology. Can it hold?? I've seen lesser items than Friday's placement total reverse the cattle market, and as noted yesterday last week's very large slaughter will go a ways in helping clean up non-current showlist supplies. Yesterday's showlist count reportedly looks larger in the South, but smaller in the North. Boxed beef cutout indexes also perhaps coming in better than expected yesterday, slightly weaker in the choice and actually firmer in the selects. Unfortunately for the bulls, outside markets are unanimously lower this morning which likely has cattle starting in that direction as well.
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