The Beef | Frank talk about extreme market conditions and changing times in cattle market.
Time 2020-12-25 11:03:30Web Name: The Beef | Frank talk about extreme market conditions and changing times in cattle market.
WebSite: http://www.thebeefread.com
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By Cassie Fish, http://cassandrafish.comCME cattle futures are very quietly green today after correcting yesterday. All await whatever cash cattle trade that occurs this week, expected today since tomorrow is Christmas eve. In futures, the trading range is small, volume is light and open interest is little changed. One bright note, spot Dec LC made a new high, trading its highest since December 2. And the Dec/Feb LC spread, after trading out over 500 points premium the Feb has narrowed to just over 300 points premium Feb.North, packers have either bid or would call at prices paid late last week but there are no takers. A fast moving high-wind snow storm with plummeting temperatures has hit Nebraska today and will persist until tonight. South expectations are for $1 to $2 higher cash trade today since packers have made light volume purchases for a couple of weeks.Next week and the week after boxed beef prices are expected to stage a rally, furthering optimism. What We KnowOptimism in the cattle business has been in short supply for a very long time thanks to the arduous task of working through the backlog of cattle created by the pandemic shut-down of plants in Q2. But the industry has turned that corner and 2021 will see smaller packer margins than the 2020 records and an improvement in leverage for cattle feeders, especially as 2021 wears onward.Beef demand the second half of 2020 has been incredible. Beef production was record the second six months of 2020. Beef exports YTD are down 5% and beef imports up 12%. Retail beef prices in 2020 have averaged $6.40 per pound through November, a record. This means the industry sold more pounds of beef domestically for more money than any time in history. This occurred during a pandemic when consumers could have purchased any protein they desired. Domestic demand for beef has never been better and as the industry heads into 2021, that fact is one to embrace.The Beef is taking a publication break until Monday, December 28.Happy Holidays to all!Copyright © 2020 the Beef Read. All rights reserved The Beef is published by Consolidated Beef ProducersUse of part or all of this blog for any reason without permission is strictly prohibited. Disclaimer: The Beef, CBP, Cassie Fish nor NFC Frontier Capital Markets shall not be liable for decisions or actions taken based on the data/information/opinions. This material has been prepared by a sales or trading employee or agent of New Frontier Capital Markets and is, or is in the nature of, a solicitation. This material is not a research report prepared by New Frontier Capital Markets. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions. DISTRIBUTION IN SOME JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS COMMUNICATION INDIRECTLY SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS. TO THE EXTENT THAT YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, THE MARKET COMMENTARY IN THIS COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION. The risk of loss in trading futures and/or options is substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance, whether actual or indicated by simulated historical tests of strategies, is not indicative of future results. Trading advice is based on information taken from trades and statistical services and other sources that New Frontier Capital Markets believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades.<<< Thank you for your visit >>>
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