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Northwest Iowa | Thanks, guys. The fats are not as clear as the feeders. There is an old high at 107.5 on the monthly chart with consolidation below all the way down to 70. That is a pretty wide window but it is all lower than where we are. Now, we could and should have a smaller recovery at any time as we are oversold. It is seldom very rewarding to hedge April cattle. Fundamentally, those cattle are seeing winter weather and have a hard time to finish as expected. June hogs are similar. Usually not very rewarding to be short into delivery. The old guys talked about a Valentine break in pigs. They will be strong into mid-Feb then fall as Lent takes hold. | |
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Technical guys (feeders)
