Friday’s collapse in CME cattle futures painted a bearish outlook that is being fulfilled Monday. Futures were clearly not impressed with Friday’s sparse, fully steady cash trade as spot Apr LC retreats to the lowest level in 10 days and some contract months slipping back below moving averages. Daily stastics indicate there is a low way to go before the market is oversold and the $150 area certainly does not appear out of reach, especially since futures are comfortable continuing to trade significantly discount. The bear spreads are dominating and feeder cattle futures are losing to fats. All boxes seem to be checked for another break in cattle futures. Read more at TheBeef.com…