December cattle has already recovered near half of the losses from the November 4th to November 21st break. Cattle pushed sharply lower on the session early in the day led by continued macro economic fears. Poor economic news from China plus a poor bond auction in Germany helped to pressure most economic sensitive commodity markets.
A jump in the US dollar added to the negative tone and sparked increased fund selling early. However, news that the cash market traded $2.00-higher to $124.00 in Texas helped to support and the market pushed above yesterday's highs to trade moderately higher on the day into the mid-session. Boxed-beef cut-out values at mid-session came in at $197.77 which was up $.90 from yesterday and up from $195.45 last week at this time. The market continues to find support from declining supply.