On Friday, March 6 the U.S. jobs report hit the wires. Equities were trading higher in premarket, and the previous session we had seen strong sell-off followed by an equally strong high-volume rally. No one was expecting the massive sell-off that was about to hit the stock market when the good jobs numbers were posted.

Commodities in general have been beaten up bad, but there is some money to be made here using the livestock COW ETF.

Chicago Mercentile Exchange will reduce livestock trading hours from the current schedule of 23 hours to as few as six hours a day on Fridays, Bloomberg reported. The change is expected to be implemented later in October, pending CFTC approval.

Planters starting moving over the long three day weekend and the first trading day results in selling. This is something that many could see coming, if there is any surprise, it is how much selling was seen today.

Traders need to look beyond the pork numbers in the recent USDA report, but the situation is clearly bullish for cattle.

Any significant move in hogs is likely to wait until Friday's USDA report, while record cash cattle prices keep coming.

Unknown Chinese demand levels may mute pork gains, while the cattle situation remains bullish.

Hog trades sharply higher on fears, while cattle follows the market higher.

Although current hog supplies are coming in normal, long-term the picture may be far different. Meanwhile, cattle fundamentals are poised for lower prices.

How big of an impact will there be from Russia's purchases of U.S. pork?