Deliveries on the CME live cattle contract respond to the delivery month basis, discounts for yield grade 4 carcasses, and limited seasonal influences. Modification of the contract to tighten quality standards resulted in a decline in the response of deliveries to the yield grade 4 carcass ...
Dan. So let me start by talking about the utility of WTI. I mean, there is — let’s talk about what WTI is. We firmly believe that kind of the optimal benchmarks are based on physically delivered contracts. As I mentioned in my comments, physical deliveries that we widely believe...