Written Commentary
MORNING LIVESTOCK OUTLOOK
With current bear spreads now through April 2022, the market is setting up for continues sideways trading. For an extended rally, US exports must increase because even if the US cattle herd shrinks the global herd is expanding along with hogs, poultry and fish farming. Cattle may continue to bounce and drop on the futures with slight peaks and valleys on the cash markets.
CME Lean Hog Index is $94.04. October futures settled on Tuesday at $84.37. Cash negotiated hogs on Tuesday had a weighted average of $78.34. The outlook is down.
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