Thursday Morning Livestock

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We had $75 cash trade in all areas yesterday. At these levels, I can't see much pressure coming in on the June fats, unless the funds come in and do their thing or if demand completely falls out of bed. The way that I eat meat, I can't see that happening! I'm guessing that the funds still have some dry powder in terms of liquidating more longs, but I don't see them acting anytime soon. The 70.50 area looks to be the next stop for me on the downside and I would probably start buying there. More later.

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