Were the manipulation of sectors not so rampant to achieve some form of profit margin, reflecting the poor state of the industry, the spreads between starting feeder to finished fat would be comical.  Unfortunately, due to the historical amount of working capital it takes to produce a pound of beef, this is a dead serious situation.  Today, it continues to worsen.  The exposure of disparity between production capacity and utilization continues to have every sector manipulating their growth programs or processing capabilities to create margin.  The reliance on an ever-increasing price seems unsustainable, but for the time being, it appears that cattlemen are going to stretch the boundaries until something breaks, or achieve the market share desired.  In my opinion alone, it is not the ability to participate in the current bull market of issue, it is the ability to survive a bear market.

I recommend you prepare for the worst and hope for the best.  This is a sales solicitation.

Futures traders are providing a bone with meat on it today.  The near proximity to the index allows for fence spreads to be placed with new historical highs able to be achieved before maximum price is found.  Futures traders are seemingly putting the nail in the coffin to some cattle feeders, unable to find margin in traditional manners of production.

I recommend you prepare for the worst and hope for the best.  This is a sales solicitation.