Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Tuesday Lean Hogs closed slightly lower on light trading. A large part of the trade were speculators buying hogs and selling cattle spreads.
LIVE CATTLE
Cattle slaughter will be up from last week and cattle weights are going up at the same time. Packers will have more beef available and with the current downturn in beef, it is likely that it won’t be positive for the feedlot. Packers are keeping cattle supplies to what is needed for kill and aren’t going to build excess inventory.
Also on Tuesday, traders were actively extending bear spreads on Feeder Cattle from November 2023 into 2024.
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