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“Shootin’ The Bull”
Commodity Market Comments
by Christopher B. Swift
April 21, 2017
100% On Feed, 111% Placed, 110% Marketed.
The higher placement number of the on feed report suggests to anticipate a correction. With the elevated placement number, bean counters will be attempting to see how taxing this will be to the packing industry. If it appears it won’t produce an over 630K weekly kill, then I would be hard pressed to see cash fall to futures. Off the cuff, it appears pretty neutral for the fat market.
The elevated marketing’s suggests feeders will remain in demand. With it perceived so many are coming to market before June, there may be some slacking of inventory through the summer. Especially if pasture conditions are good. It may take a hefty bid to pull them off grass. Not much else happened this week. The new highs in both the oscillator and price leads me to anticipate further upside potential. The on feed report may be the primer for a minor correction, but I would not anticipate it to last very long.
I continue to be wrong on my analysis of grains. Weakness prevails at every corner. Swapping horses in mid-stream won’t make me right either.
Energies sold off sharply again today. This decline wipes out 75% of the most recent gains two weeks ago.
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