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LIVESTOCK: December live cattle up the $3.00 limit at $100.12 today. The market saw short covering in a bear market. A bullish weekly high close on Friday would be an early clue that a market bottom is in place. But right now the cattle bears have the solid overall near-term technical advantage.
November feeder cattle closed up $4.02 at $118.80 today. Prices closed nearer the session high on short covering and bargain hunting today. The feeder cattle bears still have the firm overall near-term technical advantage. However, a bullish weekly high close on Friday would begin to suggest a market bottom is in place. Prices are still in a nine- week-old downtrend on the daily bar chart.
December lean hogs closed down $0.10 at $41.10 today. Prices closed near the session low today. Bears have the solid overall near-term technical advantage. There are no strong early clues that a market bottom is close at hand.