Cattle futures are called steady to higher in pre-holiday position squaring by traders. Since key chart support held recently despite what traders are calling a “murky” fundamental outlook and futures are still at a discount to cash cattle and packer losses are shrinking, there’s not much of a case for selling just yet. The biggest threat is to cash market bids on the slightest drop in retail demand. Even though packer margins have improved sharply the past week, the packer margin index is still negative by $25 per head. (A week ago packers were losing nearly $88 per head).