Further reshaping of the cattle industry today.

Backgrounders remain in a very unique position of holding high cards in the ability to lock in production at today's price, well into the future.

A very mixed bag today.  October equaled contract high with December and February having made a new one.  None closed at a new contract high.

This week starts a bullish Moore Research seasonal tendency for cattle, feeder cattle and hog prices to move higher.

In my opinion, what a week of trading!

The meat protein industries are falling in line with one another.

Boxes were sharply higher at mid day. Now trading in the 360's, consumers are facing a similar rationing as are producers.

Regardless of today's rumor, hoax, misprint, truth, or whatever the case may be, it shows how fragile the cattle market has become.

Too much production capacity for too few of animals is now causing the rationing of producers.

The significance of positive basis exposes producers to risk that can't be managed.