Cattle futures give up most of 4th quarter rally

It took from August until late November to rally almost $24 bucks to all-time highs and only 8 weeks later, Feb LC has retraced .78 percent of that move. Cattle traders waiting for an open interest flush were rewarded Wednesday with OI down 5k, making the day’s 264,741 open contracts the smallest since Jan. 6, 2010, clear evidence of the growing bearish speculative attitude towards commodities. Read more at The Beef…