Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE COMPLEX
Live Cattle volume increased Tuesday with futures turning up, but as outright futures moved higher spread traders were bear spreading.
Feeder Cattle trade volume was active Tuesday as futures moved higher, but traders were also bear spreading. The last time November feeders were at current levels was July 15th. Feeder cattle futures are far from overbought with a RSI at 62.
LEAN HOG COMPLEX
Pork was higher for the second day. Loins have at least bounced off their lows and as cheap as pork has been, demand should increase especially export demand. Moving forward, watch exports to Mexico and possibly China. Traders are hoping China buys pork since the meeting last month with Trump and Xi.
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