From CassandraFish.comBy Cassie Fish,
CBOT corn futures have put together a brilliant and unexpected rally since October 1, 53 cents off of the lows. A ploddingly slow harvest combined with a bin-ringing empty pipeline and aggressive initial demand by the livestock and ethanol industries are responsible for bringing Dec corn back to its 100-day moving average for the first time since May.
This big corn rally has taken the shine off of feeder cattle futures, which has in turn diminished enthusiasm for deferred fats. Corn harvest hasn’t even passed the 50% mark yet, reported yesterday at 46%, 19% behind average. Which translates to most market watchers wondering how much of a retracement corn will have as harvest draws to a close. Corn’s technical performance, an outside month with a very likely higher close, is so positively powerful and unheard for October, market watchers can’t help but wonder what more it portends.
CME Cattle Futures Lower
With no compelling new bullish cattle news, futures are retracing today. Interest in trading cattle futures has waned too, with yesterday’s volume in LC very light at 27,676 contracts. Spot Oct LC will expire Friday and as the calendar turns to November, Dec LC will undergo the selling pressure of the roll.
Boxes Higher; Cash Cattle Quiet
USDA boxed beef prices posted healthy gains yesterday, a trend expected to continue through the week, which will shore up packer margins. There are also widespread expectations of a much smaller cattle kill this week, a 20,000 head drop from last week’s 576,000 head, as packers begin the task of matching their inventory of tight fed cattle supplies with slaughter needs over the next 4 full kill weeks, all the while trying to improve margins.
Can Cash Cattle Move Higher from Here?
The real question here, as LC futures consolidate near their highs, is whether additional upside in cash cattle prices are possible or even necessary over the next few weeks. The answer will boil down to how well packers are covered on inventory between now and Thanksgiving. It is packer competition for fats that got us to $170 and it will take another round of the same to propel us further.
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Disclaimer: The Beef, CBP nor Cassie Fish shall not be liable for decisions or actions taken based on the data/information/opinions.
Murray N. Rothbard was the father of what some call Radical Libertarianism or Anarcho-Capitalism which Hans-Hermann Hoppe described as “Rothbard’s unique contribution to the rediscovery of property and property rights as the common foundation of both economics and political philosophy, and the systematic reconstruction and conceptual integration of modern, marginalist economics and natural-law political philosophy into a unified moral science: libertarianism.”
This book applies the principles of this “unified moral science” to environmental and natural resource management issues.
The book started out life as an assigned reading list for a university level course entitled Environmental and Natural Resource Economics: The Austrian View.
As I began to prepare to teach the course, I quickly saw that there was a plethora of textbooks suitable for universal level courses dealing with environmental and natural resource economics. The only problem was that they were all based in mainstream neo-classical (or Keynesian) theory. I could find no single collection of material comprising a comprehensive treatment of environmental and natural resource economics based on Austrian Economic Theory.
However, I was able to find a large number of essays, monographs, papers delivered at professional meetings and published from a multitude of sources. This book is the result. It is composed of a collection of research reports and essays by reputable scientists, economists, and legal experts as well as private property and free market activists.
The book is organized into seven parts: I. Environmentalism: The New State Religion; II. The New State Religion Debunked; III. Introduction to Environmental and Natural Resource Economics; IV. Interventionism: Law and Regulation; V. Pollution and Recycling; VI. Property Rights: Planning, Zoning and Eminent Domain; and VII. Free Market Conservation. It also includes an elaborate Bibliography, References and Recommended Reading section including an extensive Annotated Bibliography of related and works on the subject.
The intellectual level of the individual works ranges from quite scholarly to informed editorial opinion.