Has anyone noticed that cow is pretty much at the highest levels ever recorded? I thought it interesting. I do not recall seeing beef prices on the shelf being all that elevated. I don't have time to parse articles from the cow people, but find it curious. Hmm.
Here's a writeup from COT. At the moment it's about dead even between long:short ratio but far more short than long among the commercial.
Last time at these levels we had a major correction. It will be interesting to see if we can break above and trade another leg higher or see a similar correction. Weekly chart below.