Continued beef weakness is discouraging cattle market bulls. Cattle futures behaved rather well Wednesday despite a major drop in cutout values Tuesday afternoon. However, nearby futures moved lower again last night after beef quotes slipped once again. That doesn’t bode well for short-term cash prospects. October live cattle futures slumped 0.35 cents to 154.97 cents/pound Wednesday night, while December futures sank 0.05 to 158.72. Meanwhile, October feeder futures declined 0.12 cents to 230.27 cents/pound, but January feeders gained 0.05 to 222.80. Read more at Drovers CattleNetwork…
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