The spread between cattle and beef will become more interesting over the next several weeks as cattlemen will be in the midst of marketing large swaths of inventory, some of which will go on feed, and...

On feed came out as expected with 102% on feed (11.7 million head) 90% placed and 88% marketed.

Again, combining Scott's comments, and the chart, leads me to continue to work aggressively towards protecting what is available, and continuing to hope for further follow through to the upside.

The right shoulder developed a shrug, that didn't necessarily void the H & S pattern, but sure moved it away from a textbook example.

Well, higher or lower, the right shoulder is built, in the final stages of, or actually nonexistent.

In my opinion, more indecision surfaced in this week's trading as traders kept fats within the two-day range of 6/4 & 6/5.

The positive basis continues to support the futures. Cattle feeders are making a little headway with futures higher, but the basis is laden with risk that will be converged.

Price range this week continues to be confined within the end of last week's trading range.  The fly issue is creating a great deal of sensationalism, but not much change in the number of cattle or amount...

Last Thursday's low, to last Friday's high, remains the trading range for fats. I don't expect prices to come out of that range this week.

Over fed cattle?  Something is impacting the August and October fats.  Today's lower trading is believed a direct result from the congestion at the center of the plate.