GFK9: 1.50 at 137.525, trading in a range of 1.775
GFQ9: 1.30 at 145.65, trading in a range of 2.25
Cattle Commentary: cattle futures managed to finish the day in positive territory for the first time in 12 sessions. The cash cattle trade started to pick up this afternoon with reports of 122 in the north and 120 in Kansas and Texas, softer than last week but seemingly inline with what the board had been pricing in. We think that there is tremendous value as we head into the back half of this week’s trade with the idea that cash has done its job to narrow basis, now the board needs to put in a little work. With that said, outside factors will be a lingering concern for the remainder of the week, majority of that focused around trade negotiations and how that might affect outside markets.
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