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| When I look at the FC futures, I have to wonder what is going on. They are $26 under cash compared to where they normally would be for this week of the year. Can we assume that, with (finally) good grass and high prices, the cowman has decided to sell as much of that grass as he can at the high prices? That might explain the very low placements so far in September. Everything seems to fit, doesn't it? Even the declining prices fits, as there is strong reluctance to sell yearlings on grass in a falling market - when you have plenty of grass (finally).
Cycle-wise, I can make a case for a low right about here - or- nearer to year-end. It's not clear right now (at least to me). | |
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Sat, More cattle thoughts...
