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The COF Was Bearish



The COF report is bearish.  There were more cattle on feed and placements were well above trade expectations.  Marketings were low, but close to expected. After Monday, Live Cattle will trade the beef market for December and spec traders will continue bear spreading into 2024. Going forward into the end of the year, trading will depend on the beef market and the demand  for rib and loin primals.


The CME Pork Index is narrowing to the CME Lean Hog Index. Packers are losing profit margins when this happens.  The daily 5 day carcass average has been consistently loosing. Lean hog futures fell this week and at the same time, traders and hedgers were liquidating bear spreads and selling forward months more than nearby months.

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Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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