Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Hog prices have been drifting lower and so have pork prices. One reason is that packers make sure they aren’t overrun by hogs to the pork they can move. For the producer that has contracted or raises hogs on various feeding programs, price movement up or down has little consequence. The pork slogan “The Other White Meat” has another meaning when it comes to feeding hogs and selling pork. Futures are bear spread indicating traders outlook into 2024 and 2025.
LIVE CATTLE
Trade volume is light. Big funds are out or sidelined waiting to re-enter after the New Year and other traders are waiting for the Cattle on Feed and the Hogs and Pigs reports. Live Cattle traders have essentially ignored the run up in stocks. Tuesday, the Dow Jones Industrials moved to new highs and Live Cattle closed lower.
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