Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
August Live Cattle settled Wednesday at $178.80 . The 5 day average negotiated steer price is $183.38. Wednesday there were 10 retenders and 10 reclaims. August Live Cattle with longs liquidating moved prices down. For October on out spreaders are reversing bear spreads and most of all buying Lean Hogs and selling Live Cattle.
LEAN HOGS
Spread traders buying lean hogs and selling live cattle. With October over a month away and December 4 months away speculators have a lot of time to play the spreads. Also with October Lean Hogs as of Wednesday’s close $8.81 under the most recent CME Lean Hog Index and December 17.31 under the Lean Hog Index, speculators can claim, they are buying hogs, to even the difference.
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