Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Live Cattle trade volume was active Wednesday. February live cattle volume was 45,694 contracts. The increase of trading with close to 6000 contracts added above Globex trading suggest short hedging was taking place.
Traders were also buying hogs and selling cattle. Since December 9th the February live cattle/February lead hog spread gained $16.45 as on January 7th.
PORK COMPLEX
Pork price Wednesday had a reprieve with the cutout improving $2.13 all primal cut prices were . Hams gained $3.48 and bellies were up 1.58 higher. Loins were up 1.56 but barely above $80 on the 5 day average at $80.20. In 2024 loins and hams found support when they dropped to $80.00. High priced beef likely helping pork prices.
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