DTN Blog of the Week
John Harrington DTN Livestock Analyst
Fri Feb 5, 2016 11:10 AM CST

Sometimes there's nothing like a blinding blizzard to help you see clearly. Though I'm trapped in a major snowstorm Tuesday afternoon with gale-force winds and half-block visibility, a painful market truth is beaming like the summer sun at high noon.

Cattle futures are seriously broken, at least as a meaningful risk-management tool for cow-calf producers, feedlot managers and beef processors.

I'm not entirely sure why, but the board's behavior has become largely divorced from day-to-day fundamentals of supply and demand. Technically speaking, contract specs have not changed. Now and then, price direction of futures will even momentarily cohere with actual ...

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