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If only the Wall Street Journal showed such interest in gold futures
Maybe the cattle futures market doesn't really WANT any 'signals' from the physical market. But at least 'Trader Dan' Norcini may be getting a good taste of market rigging.
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Welcome to the 'Meat Casino' -- The Cattle Futures Market Descends Into Chaos
Trading of Physical Cattle Has Become So Scant that the Futures Market Can't Get the Signals it Needs to Set Prices
By Kelsey Gee
The Wall Street Journal
Wednesday, August 17, 2016
CHICAGO -- Wild swings in the cattle futures market have prompted some traders to call it "the meat casino."
In response, the world’s largest futures exchange has refused to list new contracts, leaving ranchers with fewer tools to hedge the $10.9 billion market. CME Group Inc. said that is because trading of physical cattle has become so scant that the futures market can’t get the signals it needs to set prices.
"It's madness. The market makes major moves for no reason," said Blake Albers, a cattle feeder in Wisner, Neb.
The decision to delay new contract listings is the culmination of alarms raised by the exchange and industry groups this year that problems in the physical marketplace have affected futures -- a highly unusual meltdown in a market that has attracted more speculators. ...
"Guys like me who have been around a long time aren’t putting as many positions on," said Dan Norcini, an independent livestock-futures trader in Coeur d'Alene, Idaho. "It's just not worth the risk anymore, when there's no rhyme or reason to these price swings." ...
... For the remainder of the report:
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