LEQ9: -.775 at 111.775, trading in a range of 1.225
GFK9: -1.875 at 141.525, trading in a range of 2.30
GFQ9: -1.975 at 149.20, trading in a range of 2.50
Cattle Commentary: Cattle futures traded lower yet again with both live and feeders marking their 7th consecutive lower close. End of the month trade and long liquidation are the obvious suspects in the recent washout as fundamentals are little changed, relative to the blood bath on the board. Cash cattle started to pick up today with 123 being reported in Texas and Kansas. Cash retreating was to be expected, we would like to think that this was largely priced in and the board may have gotten ahead of itself. With that said, the market can remain irrational longer than you can remain solvent and flashbacks of last year’s March-April selloff linger in the back of traders’ minds.
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