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From: TSS (216-119-139-234.ipset19.wt.net)
Subject: USDA is not doing anything to help detect and prevent Mad Cow disease if media where to focus on this Cattle prices would be near historical lows
Date: September 23, 2004 at 8:52 am PST

DAILY COMMODITY MARKET COMMENTARY

Meats: The Cattle markets made some large outside day down reversals yesterdays and probably completed the lower high we have been waiting for. October Cattle markets look to be carving out a lower high watch for the next leg lower. Live Cattle targets have been hit on the downside and have waited for this rally to get short futures. Major support is now pegged at 82.50 and once broken should target the lows in April near 76. Feeder Cattle has bounced back after the recent washout and we are 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. 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 are showing signs of weakness after making contact highs. Watch for a correction. Market is overbought. We entered Dec. 65 Cent Lean Hogs Puts at 165 pts yesterday. Major support is near 60.5 cents.

http://futures.fxstreet.com/Futures/content/100530/content.asp?menu=commodities&dia=2392004

TSS




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