Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Live cattle trade volume on Tuesday was moderately active as futures moved higher following last week’s higher cash market that was from $1.00 higher to up to $4.00 in southwest regions and higher because of the short inventory of cattle. Not only were live cattle higher on Tuesday, but spec spreaders were also bull spreading live cattle as well as buying live cattle and selling lean hogs. For February there was also active short covering.
LEAN HOG COMPLEX
There is some cash pork daily up and downs but from a week ago, the 5 day average carcass prices changed only by 5 cents. There is also little change in cash. Packers are still in the black but difference has narrowed. Exports were weaker last week, but still remain good.
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