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Plenty has been made of the US cattle herd liquidation over the past couple of years, and most would be correct in assuming that fundamentals continue to lean bullish overall. The bigger question of late has been, are prices going to continue the upward trajectory we have seen the past two years? While no one truly knows the answer to that question, the limited supply and continued robust demand would initially make a person think so. However, there are always potential black swan events, particularly in the cattle market, that could arise from anywhere and negate that theology. Right now there appears to be too many feeders willing to “bet on the come”, made evident by the extraordinarily high feeder cattle prices being paid.   Fed cattle cash trade has largely held within about a $10 range since making initial futures market highs last fall. Without a significant move in this cash market, there is little reason to believe that the futures can move very far either. Many have also pointed to boxed beef as the primary driver of late as select cuts have been able to hold above the $300 mark for the first time ever. While this is…

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