Cattle markets open weaker, then recover most of the losses

“Live cattle and feeder markets opened sharply weaker this morning on a combination of the bearish cattle on feed placement numbers and screwworm fears after a detection in a Maryland man who visited Guatemala,” the Hightower Report said. “However, since the detection was in a human rather than an animal, prices subsequently recovered much of the morning losses but still ended the day down.”

“December hogs extended Friday’s gains slightly today, ending modestly higher, but did not move above downtrend resistance at 85.15,” the Hightower Report said. “Although prices are testing the upper boundary of the 45-day range, a close over 85.15 would be needed to signal the market has further upside potential.”