Is it just me, or has the cattle market recently slipped into a parallel universe? 2015's new road map has been about as easy to read Egyptian wallpaper. The more foreign signs I read across the strangely bearish landscape, the more I fear that a major turn has been missed.
Fat steers and heifers trading at $160, $12 below the highs of late November? Deferred feeder futures dipping below $200 for the first June of 2014? Live cattle open interest totaling 120,000 cars below the previous year?
Watch where you sniff, dear Toto, we're definitely not in Kansas anymore.