I think today's cof is important. April was an unexpectedly good month for selling feeder cattle. Most ranchers felt the price was so good it couldn't last. I wonder if some of those ranchers that normally sell Iin may might have moved to April?
i don't like the way the board has acted ( until yesterday).
I don't like that lean 50s are down close to 20 percent from their high.
I don't like that next week packers can stay out of the negotiated trade and can pull from their June contracts.
I don't like the crowded august contract. Usually a poor month for fats.
I hope there is enough positives to offset my simple negative observations.