LEJ8: -.25 at 115.425, trading in a range of 1.575
LEM8: -.025 at 105.30, trading in a range of 1.775
GFJ8: .975 at 135.475, trading in a range of 2.40
GFK8: 1.00 at 136.55, trading in a range of 2.45
Cattle Commentary: Cattle futures were set to finish the day on a positive note after a relatively mute afternoon session, that changed right at 12:59. The last trade at 12:58 for June live cattle was at 106.30; within the next minute we traded as low as 104.95. The volume on this last-minute trade was 3,465. This was likely an end of quarter and end of month squaring, algos recognized it instantly and liquidity evaporated, much like pulling a chair out from someone. This is not how markets should work, but it’s the world we live in with huge funds and algos having power to influence short term pricing. Notable cash trade this week has been at 121 in Kansas, outside of that there has not been much else worth mentioning. Tomorrows Fed Cattle Exchange has 409 listed; not that it’s ever notable but it does circulate as a talking point.
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