Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Traders have been consistently bull spreading live cattle. As an indicator for market direction it has been a very good monitor for the bull market. However, spreads from October 2025 to April 2026 now are neutral and beginning to show signs of possibly becoming bear spreads.
Packers are trying to keep beef prices from falling and they are doing it by cutting slaughter.
PORK COMPLEX
The difference between the CME Len Hog Index and the CME Pork Cutout Index is widening and favors the packer. Keeping the amount of pork sold on the daily market down and killing enough hogs to fill contracted pork orders is working. Packers are paying more for hogs and getting a better return for pork by revising down slaughter.
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