Comments read this week of a 200,000 head increase in the dairy herd in 2025, the biggest increase in 40 years, caught me by surprise.

I would anticipate some reflection to take place this weekend when volume of sales and prices are tallied.

It appears no one is left that doesn't know how difficult of a profit margin position the cattle feeder, and producers as a whole, have placed themselves into.

Only $6.47 in the spread between March feeders and August fats to the previous historical spread width of $136.67.

With the higher price action of '25, and losses incurred,  rationing has begun to contract processing capacity.  I anticipate the same in production capacity as noted by other analyst's that some states...

In my opinion, cattlemen did what was expected, they started the new year aggressively acquiring inventory.

When not knowing what to do, I have heard as many times to "do something", as I have "don't do anything".

It didn't take long for traders to void the one of few rules of the Elliott Wave.

The wave count on the fats differs slightly than the feeders.

With 11.7 million head on feed and all going to be fed longer, beef production through the first quarter is expected to be elevated.