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From: TSS (216-119-144-78.ipset24.wt.net)
Subject: DAILY COMMODITY MARKET COMMENTARY Tuesday, October 12, 2004 15:26 GMT ''Oprah should be looking into the cattle industry again''
Date: October 12, 2004 at 1:11 pm PST

-------- Original Message --------
Subject: DAILY COMMODITY MARKET COMMENTARY Tuesday, October 12, 2004 15:26 GMT ''Oprah should be looking into the cattle industry again''
Date: Tue, 12 Oct 2004 14:04:15 -0500
From: "Terry S. Singeltary Sr."
Reply-To: Bovine Spongiform Encephalopathy
To: BSE-L@UNI-KARLSRUHE.DE


##################### Bovine Spongiform Encephalopathy #####################

DAILY COMMODITY MARKET COMMENTARY Tuesday, October 12, 2004 15:26 GMT
''Oprah should be looking into the cattle industry again''

snip...

Meats: Commodities in general look to get hammered today and we will see
if the meat sector wants to join the party avoid the long side. The Live
and Feeder Cattle markets have been supported by rumors of Live animal
trade possibly opening up soon but there is no confirmation yet or
expected before the end of year. Secondary tops at lower highs should be
forming. 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.
Futures traders should be looking at Selling the November contract at
111 or better with a stop above the old highs near 113. 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. Oprah should be looking into the
cattle industry again. 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. December Hogs snapped back some of the recent
losses and should resume the downside shortly. Stay short. Hogs are
showing more signs of weakness after making contact highs. Watch for a
correction down to around the 66 level and a close below there should
mark a deeper correction to the 60.5 level over the next 2 to 4 weeks.
We entered Dec. 65 Cent Lean Hogs Puts at 165 pts on Sept. 21 two days
early from the contract high. Major support is near 60.5 cents...

by Traders Exchange Corporation
Email: http://info@tradersexchange.com

Web: www.tradersexchange.com

http://futures.fxstreet.com/Futures/content/100530/content.asp?menu=commodities&dia=12102004

TSS

################# BSE-L-subscribe-request@uni-karlsruhe.de #################





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