Cattle trading action for today.

Just a quick update on the performance of cattle today. October live cattle went down and bumped the 78% continuation chart retracement at 215.40 and are now recovering back to the 217 level. A close over 217 would be helpful in putting in a low, as it would hold the July 27 low on a closing basis.

September feeder cattle rushed their July 27 low at 330.70 and now look poised to close above that as well after tumbling to 328. When prior lows are rushed, like live and feeder cattle did this morning, and then close back above them, that keeps the idea alive that this is still a three-wave structure that allows for recovery in the coming month.

A close above 217 for October cattle and above 331 for September feeder cattle helps suggest that the Tyson plant closings and the US border opening for feeder cattle from Mexico have been digested.