By Cassie Fish, CassandraFish.com
August LC are grinding along, trading higher on the day, consolidating above $148 while deferred fats and feeder futures trade lower, nervous in the wake of continued global commodity bear talk. The fall outlook for tight fed cattle supplies can’t seem to counter these nerves and Aug LC has gone premium to Oct LC and acts today like it intends to stay that way, behaving like a realizing bull.
This week so far, volume in live cattle futures has been light with open interest showing little change, a barometer that says many traders are still on the sidelines despite the seasonal low being established.
Boxes Mostly Higher But Slow
Boxed beef prices have been slow to get off the mark this week though the major primals are all higher on the week as is the choice cutout. The select cutout continues to drag and a dramatic and some say, dubious plummet in the domestic beef 90s price yesterday has the lean complex feeling sloppy. Bottom line, enthusiasm on the beef spot sales side is low while out front sales have been at higher money and pretty brisk.
Higher or Steady?
No one is arguing for a lower fed cattle market this week as the debate centers on steady, higher or how much higher. Fat cattle auctions this week have a briskness confirming growing strength which was clear last Friday, then echoed this week with strong “tops” interest.
Packers are interested in continuing to secure inventory from what is widely believed to be a shrinking pool of market-ready cattle for the rest of 2015. It does not appear that staying out of the market will be an option for any packer as all fed cattle, captive or no, will be too limited. Look for perhaps the greatest packer competition seen in many months this fall and early winter, and for production levels to drop to lowest level of this particular part of the cattle cycle. The challenges will be significant for the beef packing community, dealing with global issues beyond their control that have hurt their bottom line. This summer the packers were able to pass some of that on to the cattle feeder. Now that leverage is slow shifting back to the feeder and fed cattle prices will trend higher.
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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.