Cattle Futures Slowly Working Higher
MORNING LIVESTOCK OUTLOOK
Cattle wants to rally and have been slowly working higher but so far haven’t had the big push up. The question is will Live Cattle futures rally to meet the strong cash markets in the Midwest or continue to trade the weaker cash markets of the Southwest?
The CME Lean Hog Index is narrowing the difference between the CME Pork Index. Packers lose when hogs gain more than the pork price. At this point there isn’t much a packer can do but pay up if they need the hogs. With the light kill in US, recent exports are taking a larger percentage of the available pork.
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