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| Yes, the ten year high seems to have come perfectly.
Carcass weights are running 20# higher than the data would suggest they should be. That is a very big number. Placements so far this month have been low - makes a person wonder if they come later, how heavy will they be? But, right now, cash/cutout suggests that packers are having little trouble buying cattle - so, when will this be all built into the futures? This seems to be a classic case of what Soros called reflexivity, where expectations changed the fundametals. | |
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Sat, More cattle thoughts...
