Morning Ag Markets – Pete Loewen
Coming off on Monday’s nasty bearish reaction to an ugly COF report, yesterday’s trade looked a lot better for the hopeful bulls. Feeder cattle futures all finished mildly higher. Live cattle spend time at higher, but ended with the front four months down a little bit and the feb and beyond contracts up a little. In the product trade, choice cutouts have now been down 14 out of the last 15 sessions, which means beef packer margins are tightening, but they are also still very solidly in the green. That doesn’t necessarily mean they will be willing to pay up for cattle this week, but it does mean they have wiggle room to do it if they feel the need. Unfortunately with a reduced kill…