Sort & Cull

During the last month, I can't count how many times I've typed the words "volatile", "uneasy", "leery" or "uncertain" -- and lo and behold, throughout last week's trade and undoubtedly through Monday's close, we saw just that in the cattle complex. Live cattle contracts broke $3 to $4 lower, and the feeder cattle contracts closed $4 to $5 lower.

So, you ask, "What gives? What turned the market upside down this time?" And, unfortunately, news broke last Friday after the market's close that members of United Food and Commercial Workers (UFCW) Local 7 union intend to strike at the JBS packing plant in Greeley, Colorado, as early as March 16.

Unfortunately, this means continued chaos for the cattle complex as the market will undoubtedly remain on pins and needles until this latest challenge is behind us. In the meantime, it only means one thing for the cattle complex -- continued volatility and downward pressure. Whether that be for the futures complex or the cash markets, this news doesn't bode well for the industry. Traders don't want to participate in the marketplace when volatility is inevitable, and the loss of throughput means the fed cash cattle complex will likely trade lower again this week and potentially next week.

So, until an agreement can be reached between the union labor force and JBS, expect a bumpy ride in the cattle complex, my friends. You never know what hurdle is next.

ShayLe Stewart can be reached at ShayLe.Stewart@dtn.com

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