June live cattle (LEM26) futures last Friday rose $0.15 to $249.30 and for the week were down $4.60. August feeder cattle (GFQ26) futures Friday lost $6.675 to $349.85 and for the week lost $11.60.
The steep downdraft in the feeder cattle futures market late last week, in which heavy profit taking and weak long liquidation were featured, also limited buying interest in live cattle futures. August feeders are now trending down on the daily bar chart, and combined with last Friday’s technically bearish weekly low close, will likely see follow-through selling pressure this week.
