Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Open Interest in LC is going down. Shorts liquidating at the same time spread traders are bear spreading and using cattle as long leg of cattle/hog spreads.
Feeder cattle were strong again on Wednesday making new contract high closes. Cheap grain, and contract feedlots needing feeder cattle are driving prices higher.
PORK COMPLEX
Pork prices have been steadily falling as slaughter increases. More pork has been going on the daily market versus previously contracted orders. Lower exports are hurting pork prices with global production up and taking away US business.
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