In a normal market environment this would be a very bullish Cattle on Feed report, unfortunately we are in anything but a normal environment, so it’s taken with a grain of salt.
Livestock markets were all over the place yesterday as rumors of additional plant disruptions circulated, ultimately leading to selling pressure in the final minutes of the session.
While market participants see nothing but bad news while the market is closed, we were able to chew through that bearish sentiment and saw a more constructive trade yesterday.
We got through what has been the hardest day of each week for the past several weeks, Monday. We got a string of bad news over the weekend with regards to reduced capacity at a handful of packing plants through the Country.
