came in fairly close to expectations. Even though the cattle on feed was 1 percent above 12-1-13, we have to remember that the 12-1-13 number was 5% below the 12-1-12 number and the second lowest on record since the USDA began publishing these numbers in 1996.

This confirms that beef is going to be in almost as tight of supply as it has been during 2014.

Choice was down 3.38 yesterday and select was down 0.44. The consumer may be turning to pork, poultry and beans. My best guess is that the lower box prices may off-set any bullishness created by the CoF report.

This information, my friend, and a five dollar bill will get you a cup of coffee at Starbucks!

Best wishes,

dhm