Last week’s cash trade averaged $153.55 according to USDA’s closely followed five area report. This is 3% over last year’s $149 average price in the same week. Free market sales were a bit over the previous week’s incredibly small level.
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.