All in all, traders took the increase in placements very well it appears. In my opinion, as long as the numbers don’t overwhelm packing capacity, I don’t anticipate an increase in weights or the numbers to drag cash prices down to the levels currently reflected in the back month futures contracts. With the report having no bearing on the June, the process of aggregating the basis continues. Although the correction is very minor, it may be all that is going to transpire for the time being. The Moore research suggested buying the June and December live cattle, as well as the spread recommended last week of buying the February ’18 and selling the August ’17. Not much has transpired on the daily chart to provide any direction. The hourly chart though shows the oscillator having returned to the zero line, but no overlapping of price just yet with the previous high. A trade above $115.80 June will lead me to perceive the correction complete. At the end of this week, the June will have some ground to cover, or will have to sit uncomfortably and wait for cash to drop. A $17.00 decline in cash in 9 weeks is clearly possible. Whether probable or not is the question. At this time, with the grilling season just now starting, I anticipate it to be difficult to send cash prices reeling.