Do they see what I see? OPEC’s Secretary General Mohammad Barkindo is telling us that the global oil market is rebalancing fast as the glut of refined products is gone as he and OPEC take a victory lap ahead of their November OPEC meeting.
It is our belief that this rally in hogs is ending. We may not go right back down but certainly, need to see better news in this market quickly. December live cattle futures came within 15 cents of retesting the September 22 mini-price peak.
Last week at this time we were scratching our heads about how a market can elevate in the face of such tragedy. Arthur Laffer probably put it best when he said on the surface money/markets have little to do with morality. But eventually, morality will catch up to the markets. Markets had a similar sentiment when it came to the hurricanes. Initially, markets were resilient when the hurricanes hit.
Following a mostly higher close in Asia and mostly positive tone in Europe, the U.S.-based futures are pointing to a higher open this morning. Global politics once again takes center stage as the relationship between Turkey and the US take a turn for the worse.