INO.com’s Daily Market Analysis
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LIVESTOCK: December live cattle closed down $1.02 at $129.90 today. Prices closed nearer the session low and hit another contract low today. Bears have the solid overall near-term technical advantage. A three-month-old downtrend is in place on the daily bar chart.
November feeder cattle closed down $0.15 at $172.40 today. Prices closed near mid-range and hit another contract low today. Bears have the solid near-term technical advantage. Prices are in a three-month-old downtrend on the daily bar chart.
December lean hogs closed down $2.12 at $64.60 today. Prices closed nearer the session low today on heavy profit taking after hitting a 3.5-month high Wednesday. Hog bulls faded today and they need to show fresh power soon to keep their slight near-term chart advantage and to keep a five- week-old uptrend in place on the daily bar chart.