Written Commentary
MORNING LIVESTOCK OUTLOOK
Live Cattle trade volume was very light Thursday. Other than spec traders bull spreading most of the session. It was quiet. From highs to lows there wasn’t a $1.00 move. With OPEC cutting production, there is concern gas prices will go up and hurt demand for beef and other traders are looking for decreasing numbers of cattle to push prices higher.
Technical move higher on hogs on light to moderate trade volume. Traders most active on December hogs and early moved December to resistance at the 10 day moving average. At this time nobody wants to be a big buyer of hogs.
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