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COF Report Estimates Are Friendly



Pre-report estimates for Friday’s COF report are friendly.  But traders haven’t been as friendly as they are bear spread. Trade volume was light Thursday. Cash buying picked up Wednesday. Packers are buying cattle $1.00 lower on their terms.  Cattle in the Southwest and Kansas are selling for $178.00 – $179.00 for all grades and Iowa/Minnesota $188.00 and $295.00 . Packers so far aren’t buying big numbers.



Lean Hog trade volume was light Thursday as futures reversed their recent downturn. October volume was 15,943 and December had 64070 contracts traded. The next spot month is October so this is the time specs take over.  Packers may start to slow slaughter or as the cash market indicates and Lean Hog futures show, if they don’t slow it, they will continue to lower prices. Hog slaughter has been increasing and as it increases, pork prices are dropping faster than hog prices are going down.

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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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