The recent steep downdrafts in the live and feeder cattle futures markets are mostly technically based and are likely capitulation moves by the speculator bulls. This suggests market price bottoms may be close at hand. However, very worrisome Monday for the cattle market bulls is the fact feeder cattle futures sold off so sharply despite solid losses in the corn futures market. That’s a bearish clue more price pressure may be coming. Cash cattle fundamentals have also weakened recently. Still, it’s my bias that the cattle futures markets are close to putting in market bottoms. Stay tuned! Jim Wyckoff