Yesterday Corbett Wall on his 3 minute market summary says this market is bullet proof, today he talks about the fastest gains on the board in recent times and how it is always followed by a train wreck. He dampened my optimism a bit.
I was pleasantly surprised by yesterday's results where we sell.
United Producers Inc. , Owenton, KY
Weighted Average Report for Wednesday May 3, 2017
Cattle Receipts: 717 Last week: 688 Last year: 731
Compared to last week; Feeder steers sold 5.00-10.00, some up
to 12.00 higher, heifers 5.00-8.00 some up to 12.00 higher,
Slaughter cows and bulls steady.
Feeders: 627 Slaughter: 74 Replacements: 16
Slaughter cows made up 8 percent of the offering, slaughter bulls
2 percent, replacement cows 2 percent, and feeders 88 percent.
The feeder supply included 43 percent steers, 40 percent heifers,
and 17 percent bulls. Near 27 percent of the run weighed over 600 lbs.
Nice work, I looked into it after reading your post, the day after they pushed limits to 6.75 on feeders and it was $41 a head. Hopefully it comes around again so I can do the same or buy a PUT for similar money.