Both live and feeder cattle took an
enormous hit late morning. This appears
to be funds 'getting out of dodge now'.
This has a nasty tone to it which might
spread into other commodities.
Fundamentals for cattle have certainly
soften. IMO, China appears well supplied
with pork and exporting and our North
American beef exports appear slowing
while consumers resist higher retail
prices. Also, feedlot currentness may be
slipping.
Hopefully, cattle will rebound tomorrow,
but this washout may be doing technical
damage.
Errol
enormous hit late morning. This appears
to be funds 'getting out of dodge now'.
This has a nasty tone to it which might
spread into other commodities.
Fundamentals for cattle have certainly
soften. IMO, China appears well supplied
with pork and exporting and our North
American beef exports appear slowing
while consumers resist higher retail
prices. Also, feedlot currentness may be
slipping.
Hopefully, cattle will rebound tomorrow,
but this washout may be doing technical
damage.
Errol
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