Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
February 2024 Lean Hogs are 2 cents under the CME Lean Hog Index. The CME Lean Hog Index to the CME Pork Index and has been narrowing but still shows a positive packer margin. The higher pork market didn’t seem to do anything for Lean Hog futures as Lean Hogs ignored the higher pork market and closes down.
LIVE CATTLE
The difference between Choice and Select beef continues to narrow and Monday morning, something that is rare, more trimmings were loaded out and sold than Choice beef. By afternoon Choice sales increase but overall beef sales were light. The narrowing of the spread and strong sales of trimmings indicates what consumers want. Cheaper beef.
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