Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Live cattle trade volume slowed Thursday compared to the rest of the week.
There is still concern for some traders that beef prices are too high when consumers are spending more of their income on gas. But when slaughter is down 9.4% for the year, over a million head, the beef market has to adjust to the lesser number of cattle.
LEAN HOG COMPLEX
Pork exports have been steadily moving lower. It was disappointing to see Mexico only taking 6,100 mt and not the top buyer. It was even more disappointing that South Korea took nothing.
Most of the trade Thursday were spread traders selling lean hogs and buying live cattle.
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