LEG8: 1.525 at 122.675, trading in a range of 1.025
GFX8: 2.90 at 157.00, trading in a range of 1.80
GFF8: 2.925 at 151.675, trading in a range of 2.25
Cattle Commentary: Cattle futures came out of the gates with a bang, posting their highs for the day in the first 10 minutes. Today’s enthusiasm came on the back of Friday afternoon’s Cattle on Feed report, which as you can guess came in on the friendly side of things. The report showed, on feed at 105%, placements at 95%, and marketings at 96%. Cash trade has been steady for the better part of the last month, with the bulk of it coming in from 110-111. Though the Cattle on Feed report was friendly, we do not believe cash will go screaming higher. With this in mind, we may see the enthusiastic buyers temper their expectations towards the top end of the technical range (see the full technical breakdown below). This afternoon’s Cold Storage report for beef came in at 508.560 million pounds, up 3% from last year.
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