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Buxton ND | That placement # 8.5% above the average guess and a full 5% above the top end of the range is a major problem for the back months. What's gonna make it worse if the fund boys bought 19k week ending Tuesday 8k of new long and 11k of short covering. So the fund money finally got on the producers side in a big way then a bearish whammy from Mother USDA. Remember Mother USDA IS NOT to blame for expansion.
REALLY bad place to leave a gap in fats or feeders and if it does gap lower will leave another island top. If one needs to buy feeders next week think I'd wait a full week and see where things settle out. That's about as rosy of picture as I can paint of that report even with futures at a deep discount to cash. On the bright side weights have really come down. | |
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COF Report today...
