Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Open interest in Live Cattle is at levels where longs could whip out of positions. February 10 is first notice day for February Live Cattle. Buyers now aren’t hedgers. The last COF Report did show placements are expected to be down 2%.
PORK COMPLEX
Trading on Lean Hogs was moderate Friday. Hogs ended the week higher on spread trading. For the week slaughter was up 285,000 head. Pork is cheap especially compared to beef. The day pork carcass prices as of Friday’s early sales were down $2.36. Bellies were the only primal supporting the cutout.
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