Morning Thoughts – June 5
Livestock – We just saw a very active week of cash cattle activity, and I guess that’s what a big rally in prices will do for you. The range for cash trade last week was probably 135-138 and 215-220, with 136 and 218 as averages. Basis did narrow slightly. ...
Morning Thoughts – June 2
Livestock Cash cattle absolutely screamed higher yesterday and took the futures board along with it. This is the problem I mentioned yesterday…you have a cash market that just doesn’t want to break 130 to the downside and a deliverable futures contract trading well...
Morning Thoughts – May 31
Financials – A friend brought to my attention the spec (non-commercial) positioning in the Euro yesterday, and I’ve attached a 10-year history below. It is catching some attention because as you can see the net long position in the Euro is near the highest it...
Morning Thoughts – May 25
Crops – Yesterday’s session might have been one of the more boring I’ve seen in quite a while. For the time being, I don’t see any reason to expect this boring price action to change. We have June option expiration tomorrow. In tomorrow’s comments I’ll...