CTA · Core
Livestock CTA
Live cattle, feeder cattle, lean hogs — a US-centric complex with biological lags, crush-like feeding margins, and event gaps on USDA.
Definition
Outrights plus feeder/live and hog calendars. The ‘crush’ is feed (corn/soy) versus animal. Disease and export bans are jumps. Not in every diversified universe because of liquidity and ick-factor operations.
Why it matters
It is a real alternative cycle to financials. It is also a headline-gap market that ATR undersizes.
Case
A swine-fever export shock. Hogs limit down; a slow trend short gets filled wherever the reopen is.
How to read it
Whether they run the feed crush or only outrights. USDA day risk should be in the doc, not a surprise.
No query has been run yet. Which is tragically normal for most knowledge systems, but we are trying to evolve past decorative databases.