GFJ9: 1.825 at 145.825, trading in a range of 2.375
Cattle Commentary: In our weekend update we noted: “We finally got the break on Thursday, allowing us to reduce that short exposure and eventually look to the long side of things with clients on Friday morning.”. We used the pop to the previous contract highs as a spot to reduce long exposure with clients and look back to the short side for fats and feeders. Over the last few weeks our thesis has been a rangebound market, we continue to feel that way. The bulk of cash trade Friday afternoon came in at 124 live and 199 dressed, this was 1-2 higher, helping support the market. Boxed beef was up sharply today.
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