Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
The length of time of the JBS strike will have a lot to do with what happens to cattle prices and beef prices. A short strike will have little effect, but a long drawn out strike will mean higher beef prices and lower cattle prices.
Futures were higher Tuesday on another day of light volume. About the only fundamental reason futures were higher was beef was higher, but April live cattle first notice day is 3 weeks away and there is a lot of time for beef prices to change either to go higher or lower. Most of the trading is spec trading, not fundamental.
LEAN HOG COMPLEX
Last week pork exports were down, but exports at 23,700 mt are still good. Mexico backed off last week after being very strong buyers over the past two previous weeks.
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