Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Trade volume was once again moderate on Thursday. Live cattle bounced higher but ended the day a few pennies lower. Besides some spec spreaders that are bull spread, live cattle futures have become lackadaisical. Beef prices have fallen off which is normal during February, but they aren’t falling hard.
The biggest unknown at this time is the possible strike at JBS.
LEAN HOG COMPLEX
Trade volume picked up this week as traders began to liquidate the wide premiums of the bear spreads. Spreads remain wide especially the difference between February is just about to settle and the premium on April. Cash pork has been narrowing to the price of cash hogs which is a negative.
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