Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOG COMPLEX
Lean hogs may have had a blow out Tuesday. Trade volume was active. It is too early to say the bottom was made but it was obvious that traders were blowing out of longs, and traders were liquidating spreads. They were selling December and rolling out of shorts in February and April. From June on out trade volume was fairly light. Traders were also selling hogs and buying cattle but in lighter numbers.
LIVE CATTLE COMPLEX
Trade volume was light Tuesday. Spread trading was the most active part of the market with most trading bull spreading as traders bought December and sold February. From June on out there was also bull spreading. During November spread trading will dominate markets with trading active in 2027 and also funds rolling the first half of the month.
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