By Cassie Fish, http://cassandrafish.com
It’s a dull day in CME cattle futures today, but the positive technical action that occurred yesterday continues to gain validity. Yesterday, December LC posted an outside day with a higher close, filled a gap left in late October and surged back above the 10-day moving average. All this in the face of the Goldman roll, which sees heavy selling of the first contract month and buying of the second contract month. December also gained on February yesterday and again today, taking the spread to new all-time highs.
'The Beef' is published by Consolidated Beef Producers