GFJ9: 1.225 at 147.525, trading in a range of 2.825
GFK9: 2.05 at 150.375, trading in a range of 3.50
Cattle Commentary: It was a roller-coaster day for cattle futures, surging high only to breakdown in the next 30 minutes. There were conflicting headlines that likely played a role into that volatility pop. The headlines went from, China walking back trade offers, to Lighthizer is headed to China at the end of the month to continue negotiations. This was lock step with the drop and end of day recovery and mirrored that of the intraday S&P chart. At the same time that these headlines were being released, the Brazilian President and President Trump were meeting, some of their discussion revolved around agricultural trade (details yet to be released). Cash trade has yet to develop this week, but expectations are for steady cash. Tomorrow’s Fed Cattle Exchange has 596 head offered.
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