The Livestock futures market bounced back as selling pressure subsided across the complex. Live Cattle futures rebounded, with the December contract up $7.23 to $338.00, marking a $10.63 recovery from Monday's low. The market was technically oversold, allowing traders to reassess the current price levels. Feeder Cattle futures were limit up at one point, which liquidation stops converting to buy orders as the market rallied. The January contract was up $13.75 to $338.62, recovering from a $60 decline since October 16th. Several chart gaps from the fall may influence the Feeder Cattle futures market going forward, though overall fundamentals remain consistent. Lean Hogs futures were firm and stabilized, with the technically oversold, month-long downtrend appearing to run out of steam. Packer buying, taking advantage of lower prices, is offering support to the market, with the December contract holding in the $81 area.
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