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| 29% of the Corn open Interest is in spreads; 30% of the soybean interest; 35% of the chgo wheat open interest.
IF, we begin to see some of these inter-market spreads unwound?
I firmly believe, sometime in the next couple of weeks, it will be time to buy deferred corn & sell deferred wheat. Keep as a spread for awhile.
Cow Kill –peak rates in prev. grain bull market
1973 49th week 21.6% of Kill
1974 46th week 27.7% of Kill
1975 47th week 36.6% of Kill
1976 46th week 29.9% of Kill
Beef Production (FI)
2008 1st 4 weeks exceeds prev. 4 yrs, only exceed by 1st 4 wks of 2000
Sow kill in numbers (FI)
1st 4 wks exceeds prev. 4 years
Steer Dressed Wts (FI)
In the 4th week indicate the first decline. However, DW normally seasonally decline into approximately th 16th week.
Steer DW beginning in the 34th week of last year exceeded previous 4 years in ave. dressed weight
Nothing remarkable in calf kill peaked in week 10 of 2007, week 48 of 2006 & peaked in week 3 of 2005.
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A couple of thoughts.
