Written Commentary
MORNING LIVESTOCK OUTLOOK
Live Cattle futures have rallied into a Cattle on Feed Report, made highs within a day or two after and then have fallen off. Wednesday Live Cattle futures had a big move higher but the rally was mostly spread traders liquidating overly wide spreads before the Cattle on Feed report and end of the month/year profit taking.
Unless pork prices start to move up, even if there is a bullish Hogs and Pigs report, it might not help. Pork was higher on Wednesday morning sales because sales were light and slaughter is down. The CME Pork Index to the CME Lean Hog Index narrowed.
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