The gold strength, as much as anything else, is technical in nature. The downward slide in the dollar from the early highs Friday morning, and the upward push in crude oil, can probably be cited for some of the strength in here.
More Quotes from Dan Vaught:
The general increase in commodity futures market open interest has reflected the growth of hedge funds. And, recently, the short side of cattle futures has seen increased participation from the more traditional commodity funds, also.Dan Vaught
Several times we've seen all-time live cattle open interest records set the week before the Goldman roll begins. I expect we'll set another live cattle futures open interest record next week.
Dan Vaught
Of course, we don't know how the bird flu situation will turn out. But, I see no strong reasons we won't see a three to four dollar (per hundredweight) seasonal cattle rally in the first quarter.
Dan Vaught
I doubt this will greatly affect the flow of Canadian cattle and beef to its export markets, since the recent round of trade agreements has been designed to safeguard the markets while keeping the flow of cattle and beef moving.
Dan Vaught
That could mitigate the bearish impact of a surge in placement rates, since the younger animals tend to take longer to finish, which in turn implies a wider spread of exit dates (as fed cattle) for them.
Dan Vaught
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