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From: TSS (216-119-143-36.ipset23.wt.net)
Subject: DAILY COMMODITY MARKET COMMENTARY 'The USDA is not doing anything to help detect and prevent Mad Cow disease'
Date: August 31, 2004 at 9:45 am PST

DAILY COMMODITY MARKET COMMENTARY 'The USDA is not doing anything to help detect and prevent Mad Cow disease'

Meats: Live Cattle and Feeder Cattle closed higher in yesterday's sessions after targets on Live and Feeder Cattle where hit. The market has bounced off of 4 month lows and is still at historical highs. Traders should use rallies to get short. Live Cattle broke 83 cents and now are new target is around 75 after a small bounce. Oct Feeder Cattle broke the 110 level and next major support is around the 104 level and if this level gets taken out watch for an avalanche of liquidation. Both Cattle markets are still trading near historical highs and traders should be building long term Put positions or selling futures on rallies. The USDA is not doing anything to help detect and prevent Mad Cow disease and if the media where to focus on this Cattle prices would be near historical lows. Canada has a record number of cattle waiting to be delivered. Brazil has overtaken Australia as the world's largest exporter. Large potential on the downside while the markets are still near historical highs. Dec. Hogs have been consolidating recent losses and next major support is 60 cents. A break of this number should cause more aggressive selling. Pork Bellies have been rebounding after very steep losses and should be set to resume the downside.

http://futures.fxstreet.com/Futures/content/100530/content.asp?menu=review&dia=3182004

TSS




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