Who's they? Folks long live cattle were (are?) in a semi-panic, how do we know? Simple, those on the right side have been long for a while now and are trying to unwind into falling market which no one could have predicted
As a recovering Live Cattle futures trader I must say that you are correct in saying that "no one could have predicted". This is the chart before the rumor: http://www.elitetrader.com/vb/showthread.php?s=&threadid=26166&perpage=6&pagenumber=3 It will be interesting to see how much this changes things on Monday 29th Dec 2003? If the Cattle futures "crash" then I will "BUY" once the market hits greater than +2 sigma, preferably +3 or 4.