A softer close, but could have been a lot worse considering the low of the day.

After a few short flurries of price action, traders settled down into a narrower trading range to finish the day.

There were very few analyst's that didn't comment on the 2 minute reaction from Trump's tweet this morning.

Lower cash bids and higher futures helped to converge basis quickly today.

While the on feed numbers grew, some thought that meant fewer cattle. That is not the case, it is that there will be fewer animals for someone else to put the pounds on over the summer.

In my opinion, observations from the previous two weeks are believed to have culminated into this week's trading.

Drought is an issue and changing the supply side of who gets to put the pounds on the cattle.

If I thought Tuesday was odd, what am I thinking today?  I am in awe of the dynamic price movement, both higher and lower reflecting how discombobbled the market has become.

Kind of an odd day of trading where cattle feeders just took it on the chin if placing cattle today.

Thank you to Craig Purvine, from "The Cattle Range" for permission to use the charts below.  The first two charts below have little to do with predicting price direction.