Beef is rallying but Feb cattle futures could not breakout. December 13, 2022
One big shocker for the cattle complex to digest is this boxed beef story. Yesterday's oddly large +5.76 morning report for choice was corrected to +8.09 on the afternoon update! Today's morning report showed another big gain, +3.31. Over five days choice has gained 17.68. This five day period has recovered 79% of the prior seasonal decline that took almost a month to do. Beef and cash cattle are not exactly matched up right now but this does give this market a positive as we near the end of the year.
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Possible light fund short covering yesterday
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Funds sellers of 21K, slightly higher support due to exports
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SA maps still look solid for rains in the 10 day
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Trade expects strong exports and more 8 AM announcements
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