Caught the cattle market action last week and it was pretty rough for the bulls. Live cattle futures got hammered with April contracts down nearly $10, which tells you the bearish sentiment is real right now. Cash prices settled around $383 dressed in the North, but that's not exactly inspiring confidence. Feeder cattle took an even harder hit, with March off $12.60 for the week. The CME index dropped another 38 cents to $372.79, so the downward pressure is consistent across both segments. What caught my eye was the managed money positioning data from CFTC showing specs actually added to their long positions this week, which is interesting considering how hard the market's been selling off. Boxed beef prices did pop higher though with Choice up almost $2, so there's at least some strength on the wholesale side. Overall feels like we're in a correction phase here, and the bulls definitely retreated when they needed to hold ground most.