It’s Friday and CME cattle futures are ignoring bad news as they make new highs for the week, with spot Oct LC in the lead, trading more than a 150 points higher than its low made Monday. All cattle contracts are also higher than last Friday’s close and technical indicators are turning up. Oct LC is trading par to last week’s 5-Area average as the basis change continues. Perhaps this market is ready to look past the immediate well-known negative fundamentals and instead focus on the shortages to come in the not-to-distant future? Read more at The Beef…