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Expanded limits continue in cattle

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Yesterday’s limit-down trade in cattle means more expanded limits today, as the contracts move to contract lows. “On the charts, it is clearly ugly,” Allendale said.

The cattle market is turning further away from technicals and beoming an “emotional/irrational” trading environment, Blue Line Futures said. “In this type of environment technicals go out the window,” they said. “There will be phenomenal short-term opportunities, likely at some point this week, but that’s not to say we are near a bottom.”

This article originally ran on agupdate.com.

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