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Should futures catch up with the cash in the cattle market?

Yes, it should. This is something that the market's been dealing with. It's a strong basis in the live cattle market. At some point something's going to have to break, and I thought maybe this week we would see futures try to catch up with the cash. It just hasn't played out that way.

Could cattle run out of buying interest?

From a technical point of view, it certainly looked like both live cattle and feeder cattle were getting a bit top heavy up at these levels, could certainly run out of some buying interest. Now, that was offset at least towards the end of last week with the strength of the cash market coming in. I believe it was Friday.

Is the market still bullish in soybeans?

It's not covering a lot of carry. We do have some open interest and some volume issues out for deferred futures contracts. Still, the commercial view is still bullish longer term in soybeans, indicating there is still some concern out there about supply and demand longer term.

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