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Live Cattle (April)
April live cattle continued their decline yesterday and could be under pressure out of the gate as outside market uncertainty starts to creep into the market. If the Bulls cannot defend the 142.00 area, we could see continued selling take us back near the technically and psychologically significant 140.00 area. Outside of outside market uncertainty, there are concerns of labor at plants and packers being overbought. We believe this will keep a lid on the market in the near term. There is another Bullish seasonal coming up, but it isn’t until the end of the month.
This morning’s weekly export sales report showed net sales reductions of 3,900 MT for 2021--a marketing-year low--were down noticeably from the previous week and from the prior 4-week average.....Click here to get our (FULL) daily reports emailed to you!