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From: TSS (216-119-131-116.ipset11.wt.net)
Subject: DAILY COMMODITY MARKET COMMENTARY USDA is not doing anything to help detect and prevent Mad Cow disease
Date: September 14, 2004 at 9:12 am PST

Meats: Live Cattle targets have been hit and we will wait for a rally to get short futures around 86 to 88. Major support is now pegged at 82.50 and once broken should target the lows in April near 76. Feeder Cattle liquidation has slowed after the recent washout and looking for a lower high to be established and begin short futures work again. The market has bounced off of 4 month lows and is still at historical highs. Live Cattle broke 83 cents and now are new target is around 75 to 76 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=commodities&dia=1492004

TSS



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