Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
The Cattle on Feed report is a friendly report.
Traders are liquidating. Open interest has been so large that traders before the COF report, end of the first half and second quarter and the nervousness over several fundamentals taking place have traders heading for the sidelines.
PORK COMPLEX
Moving forward if beef prices drop and hog slaughter continues increasing, prices will drop. When June hogs expired the June/July spread was bear spread at minus 8.75. Since June hogs have expired on June 13th at $103.70, July hogs have gained $2.70 and settled Wednesday at $112.17.
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