- Based on what live cattle and feeder cattle futures spreads were showing us at the end of March, both would lack the fundamental support that has helped push the move in cocoa.
- Funds were moving to the sidelines as well, though we know from past experience this group can change their mind, and subsequently a market's trend, in a hurry.
- A long-term comparison of the live cattle cash index shows a case could be made for a continued move higher.
I've added this introduction to the original piece. This was written over the past holiday weekend, my plan being to run it later this week. However, things changed with the news that broke Monday afternoon of a confirmed case of bird flu in a human who had contact with a dairy herd in question in Texas. Did It change my thoughts on what I wrote? No. But it did chance the discussion to one of Chaos, where the next headlines changes the speed of a market in a particular direction, if not the direction itself.
