Cattle market sees volatility

“Live cattle and feeders jumped to strong early gains yesterday morning before selling off significantly midday, only to rebound for a higher close,” the Hightower Report said. “Extreme volatility has turned the cattle market into a big boy’s game. Last week’s slaughter was very small and it’s clear packers are slowing the chain speed.”

“December hogs rallied yesterday to their highest close in three weeks,” the Hightower Report said. “Managed money traders continue to hold a significant long position and will likely keep holding unless prices fall below last week’s low. One potential negative for today, Thailand said last week’s trade deal with the U.S. will not include lower tariffs for the import of U.S. pork.”