{"id":2138,"date":"2017-06-05T09:10:34","date_gmt":"2017-06-05T15:10:34","guid":{"rendered":"http:\/\/www.ctsfutures.com\/?p=2138"},"modified":"2017-06-05T09:11:00","modified_gmt":"2017-06-05T15:11:00","slug":"morning-thoughts-2017-06-05","status":"publish","type":"post","link":"https:\/\/udg.ehs.mybluehost.me\/morning-thoughts-2017-06-05\/","title":{"rendered":"Morning Thoughts – June 5"},"content":{"rendered":"

<\/a>Livestock<\/u><\/strong> –
\nWe just saw a very active week of cash cattle activity, and I guess that\u2019s what a big rally in prices will do for you.\u00a0 The range for cash trade last week was probably 135-138 and 215-220, with 136 and 218 as averages.\u00a0 Basis did narrow slightly.\u00a0 Packer margins are still thought to be very solid despite the exceptionally strong cash action last week.\u00a0 The beef market stubbornly refuses to crack despite all the talk that the market is a dead man walking.<\/p>\n

USDA reported on Friday that beef features are hovering near the lower end of this year\u2019s range, but looking at the past two years\u2019 data it seems to be running at a relatively average pace to me (chart follows on the next page).\u00a0 Let\u2019s keep an eye on the comparison of beef\/pork prices here.\u00a0 Beef prices have gained sharply vs. pork through most of this year but we\u2019ve seen that spread work a bit more in favor of pork recently.<\/p>\n

\"USDA<\/p>\n

As noted above, basis did manage to narrow slightly last week but cash is obviously still a big premium to the board.\u00a0 Today is FND for June live cattle and it should go without saying that the big cash premium should keep delivery interest at zero.<\/p>\n

Please note this is just a small sampling of commentary available to clients.\u00a0 Please visit \n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n