Just caught the live cattle bounce on the close - futures were up 70 cents to over a dollar, which is solid momentum heading into the week. Open interest dropped a bit though, down over 2,300 contracts. Cash prices have been all over the map depending on region, with Southern beef moving around $244 and Northern sales scattered between $239-243. Feeder cattle weren't as impressive, mostly flat to down 20 cents, and the CME index took another hit, dropping $2.23. What caught my eye was the boxed beef action - prices climbed in the afternoon report with Choice boxes jumping $6.71 to $388. The Chicago-Select spread is widening too, which usually signals some demand differentiation. Slaughter numbers came in at 109,000 head for the day, putting the week at 211,000 so far - that's running behind last year's pace by about 15,000 head. Definitely watching to see if this bouncing momentum holds or if we're just getting a temporary pop before the next leg down. The supply situation and cash trade dynamics will be key to watch going forward.