The cattle complex was mixed with live cattle holding steady and feeders slightly weaker. Both markets put in major reversal up early this week, but have since failed to continue the rally, instead consolidating in a sideways pattern. The market is anticipating that August placements will above average this year as good pasture conditions kept cattle on grass through July, delaying movement into feedlots out to August. Cash prices were slightly lower this week, but boxed beef managed to push slightly higher, suggesting packers are regaining some leverage in the market.
Energies and the Dow were lower with volatile price action. The deteriorating US/China trade relations is spreading fear of further slowing global economic activity as more indicators suggest recession is coming.
A weaker Chinese currency also fanned fears of a currency war, which prompted investors to safe havens of precious metals and treasuries.