
June live cattle futures (LEM25) hit a contract high of $207.30 a hundredweight on March 21 and then promptly backed off on profit-taking pressure from speculative traders. At that time the bears were licking their chops as the technical posture of June cattle suggested the bulls had finally become exhausted. However, the cattle market bulls stepped right back in to buy the dip in prices, with June cattle futures late last week pushing back to just below the contract high, while nearby April live cattle futures (LEJ25) scored a record high of $211.125.
