Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Trade volume was light Monday. Futures started out stronger but gave up longs to end up lower on the day. However, long hedgers are maintain positions with futures below cash and spread traders are long expanding bull spreads.
If China buys more beef, the US will need to reciprocate and match the beef purchase with something China wants the US to do or buy.
Higher grain prices pressured feeder cattle Monday.
LEAN HOG COMPLEX
Buyers will be watching what pork exports did last week. Exports for the year are up but have been dropping off.
Spread traders continue selling lean hogs and buying live cattle.
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