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Fed cash remains under pressure this week and also remains light on movement. With the small amount that has traded, the north has traded as low as $170 vs. the south trading as low as $171. For Strategy 2 with the current fundamentals, hold your short hedges be that futures or options. If you are wanting to play the long side of the market use the options over futures.
We finally started to see some cash trade yesterday but it was mainly out of the north! The $187.50 average trade did push the cash back above the uptrend but once we get trade out of the South the cash could be right back down below the trend.
The cutout continued to drop by dollars every day this week as the packers margins shrink. The cutout is still well above its average but as we talked about earlier in the week we typically decline into the end of July.