Bull Burger
Well-known member
HOME TOWNED ---PART II
The fat lady has yet to sing and the border saga continues. The markets watch, wait and listen while traders respond to rumors, announcements and speculation. It is not a time for the faint of heart. Futures and cash prices have shown the ability to move $7-8 at the drop of a news bit. Traders and now betting the next move will be down.
The California appellate court agreed late last week to hear arguments to intervene in the Montana federal court injunction. The Ninth Circuit Court of Appeals in California responded to an appeal by the National Meat Association in an attempt to protect its members, who slaughter cattle, from imminent economic collapse. The briefs will be filed and arguments heard by month end. The acceptance by the Ninth Circuit was viewed as an expression of support for the view that the Montana decision was prejudged and flawed in its analysis.
This action increases the likelihood of reversing the injunction to keep the border closed and increases the prospects of lower prices in April for fed and feeder cattle in this country. Canadian beef producers were not expecting the ruling by Judge Richard Cebull when he issued an injunction stopping the movement of cattle from Canada into the United States scheduled for March 7 and U.S producers did not expect this surprise last week from the Ninth Circuit.
USDA has yet join the appeal in support for the National Meat Association position. A quick action on the part of the appellate court could see the border open in a matter of weeks. In the meantime markets will react to changing legal events while the restoration of normal market forces will await the opening of the Asian markets.
President Bush chose to raise the issue with the Japanese Prime Minister who insisted his support for a quick resolution. He reminded the President of the need to rely on the science before acting rather than calling for a political response to a scientific question. There appear to be a lot of politicians on both sides of the Pacific ocean hiding behind the science label. Probably few people realize how little science is actually known and understood about BSE. One thing everyone understands is when a political position is underfire, hide behind the science argument.
Due process is not a single legal event. Each legal step is open to review and not until the U.S. Supreme Court speaks, does a decision become final. Legal experts have long recognized the importance of venue in legal skirmishes. Friendly judges often render opinions favorable to their friends. Our country guarantees litigants recourse against home towning in the nation's appellate courts. What we are witnessing is the system at work.
The fat lady has yet to sing and the border saga continues. The markets watch, wait and listen while traders respond to rumors, announcements and speculation. It is not a time for the faint of heart. Futures and cash prices have shown the ability to move $7-8 at the drop of a news bit. Traders and now betting the next move will be down.
The California appellate court agreed late last week to hear arguments to intervene in the Montana federal court injunction. The Ninth Circuit Court of Appeals in California responded to an appeal by the National Meat Association in an attempt to protect its members, who slaughter cattle, from imminent economic collapse. The briefs will be filed and arguments heard by month end. The acceptance by the Ninth Circuit was viewed as an expression of support for the view that the Montana decision was prejudged and flawed in its analysis.
This action increases the likelihood of reversing the injunction to keep the border closed and increases the prospects of lower prices in April for fed and feeder cattle in this country. Canadian beef producers were not expecting the ruling by Judge Richard Cebull when he issued an injunction stopping the movement of cattle from Canada into the United States scheduled for March 7 and U.S producers did not expect this surprise last week from the Ninth Circuit.
USDA has yet join the appeal in support for the National Meat Association position. A quick action on the part of the appellate court could see the border open in a matter of weeks. In the meantime markets will react to changing legal events while the restoration of normal market forces will await the opening of the Asian markets.
President Bush chose to raise the issue with the Japanese Prime Minister who insisted his support for a quick resolution. He reminded the President of the need to rely on the science before acting rather than calling for a political response to a scientific question. There appear to be a lot of politicians on both sides of the Pacific ocean hiding behind the science label. Probably few people realize how little science is actually known and understood about BSE. One thing everyone understands is when a political position is underfire, hide behind the science argument.
Due process is not a single legal event. Each legal step is open to review and not until the U.S. Supreme Court speaks, does a decision become final. Legal experts have long recognized the importance of venue in legal skirmishes. Friendly judges often render opinions favorable to their friends. Our country guarantees litigants recourse against home towning in the nation's appellate courts. What we are witnessing is the system at work.
