(Yesterday's 9:45am CT interview with RFD-TV)
Live cattle futures were nearly limit down on Friday and nearly limit up on Monday, as mentioned in yesterday’s report and in our interview with RFD-TV, the outside markets will be the driver of price action in the near term. Stocks firmed into the afternoon (after the cattle close) and are holding minor gains this morning, a potential tailwind for cattle this morning. We will likely keep daily ranges wide, so be sure to manage your risk and/or reconsider position sizing. The increased volatility diminishes the importance for some of the key technicals, so take the charts with an extra grain of salt until things re-calibrate. At the end of last week, in yesterday’s report, and in our interview with RFD-TV, we reiterated the idea that June has a great deal of value at these levels.