Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Trade volume was moderate Wednesday with traders bear spreading. Bear spreads make it appear that months ahead are strong, but when spreads are liquidated or on rolls, it is the exact opposite. The higher prices on Wednesday’s boxed beef prices are good indicators how short is the supply of beef.
PORK COMPLEX
Pork prices are beginning to do better than hog prices and that is good for the packer. The difference between the CME Lean Hog Index and the CME Pork Cutout is back to neutral.
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