Written Commentary
MORNING LIVESTOCK OUTLOOK
The cattle market is expecting 7.8% fewer placements. Placements going forward are going to be down. Cow kill has been and is high and heifers have been and are being sent to the feedlots. The limiting factor for higher cattle prices moving faster to the upside is the already high cost of beef, maybe more than fewer cattle.
Traders were actively selling lean hogs Thursday. The majority of the trading is speculative spreading. Summer hogs are to high to fall and winter hogs. October to December are too wide. Until trade is in June, expect spreads to continue to narrow.
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