Stockyard Trading is a fundamental, discretionary program that trades strictly livestock – cattle and hogs. Like most fundamental agricultural traders, we spend a great deal of our time evaluating and formulating our outlook on these markets. It is our experience and extensive knowledge of the commercial livestock industry that provides us an ongoing informational edge in trading these markets. For those of you less versed on the commercial livestock industry, we thought we would take this opportunity to share some of the basics with you – structure and factors – that shape these markets. First, let’s talk about the cattle…