Feeder-calf prices could hold in the mid-$90s at the lows if exports are back to 2.5 billion lbs. — and corn prices remain in check. If exports fail to grow, prices will trend lower.

There's a stream crossing that can be waist-deep, and there's mud that can be almost mid-calf deep. (The runners) are in the woods. Their feet never touch pavement.

So with gas prices going up about a buck since last year, that means about $1.5 billion more in taxes. Having said that, that same money would have likely gone into other taxable goods and services.

Prices are high, there is no incentive to hold [gas] back. If you have a gallon of gas, you want to get it out in this market.

Slower growth in producer prices makes China's exports more competitive, which means the nominal exchange rate can be allowed to appreciate without hurting exporters.

Show the fatted calf but not the thing that fattened him.